AUD could push higher if the ascending triangle top breaks

AUD/USD is trading 0.36% higher on Wednesday.
AUD is one of the outperformers of the session in the G10.

AUD/USD 4-hour chart

AUD is having a great session on Wednesday as it trades higher against all the majors. The 0.70 psychological level is a bit of a resistance level at the moment. As you can see from the chart below the top of the consolidation is marked in red. This resistance line is just below 0.70 and a break could be a bullish signal.

This pattern is often called an ascending triangle. In the pattern does break to the upside it could test the high on the chart of 0.7064 and even beyond. On the downside, the bottom of the structure is the black trendline. If the price does fail to break above it could be the next support zone. If that fails, the low of the consolidation stands at 0.6775.

Looking at the indicators, the Relative Strenght Index is now tilting higher there is still space for the indicator to reach the overbought zone but it might take a break of the aforementioned resistance. The MACD is also looking bullish, although the histogram is in the red, it looks like it might turn back over to the upside. The signal lines are still above the zero level which means the trend is still up.