AUD/USD Breaks Above Bearish Channel

The Australian dollar softened after the RBA minutes reiterated that there will be no rate hike until 2024.

The pair has found buying interest at the base of October’s bullish breakout (0.7280). A break above the falling channel indicates that sentiment could be turning around.

0.7390 is a key resistance and its breach could prompt sellers to bail out. In turn, this would raise volatility in the process. Traders may then switch sides in anticipation of a reversal. An overbought RSI has so far limited the upside impetus.

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