As shown on the accompanying AUD/USD 4-Hour chart, price action as of Thursday morning has made a tentative breakout above a bullish flag formation, potentially targeting a retest of the 0.7265 resistance, which was double-tested in January. With any continued bullishness in this pair, a significant breakout above this resistance, which would also mean a substantial break of the current flag’s high (around 0.7230), could target further major resistance in the 0.7400 support/resistance region.
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