FxWirePro: AUD/USD pauses at major trendline resistance, outlook bullish

AUD/USD chart - Trading View 

AUD/USD was trading 0.52% higher on the day at 0.7342 at around 09:00 GMT, outlook bullish.

The antipodeans buoyed on Monday on the back of higher commodity prices. Aussie also supported as coronavirus restrictions eased in the country.

The pair has broken above 50-DMA and is trading shy of major trendline resistance at 0.7350.

Price action remains in a 'Symmetric Triangle' pattern, breakout will propel the pair higher.

The pair has ignored a Doji formation in the previous day's candle and is extending grind higher.

Disappointing figures from the latest U.S. NFP report did not alter market expectations regarding the U.S. Federal Reserve's asset tapering plans.

Focus now on the consumer price index (due Wednesday). Upbeat data could stoke expectations of an earlier interest rate hike and bring further gains for the USD.

Stronger US dollar could limit gains in the pair. Watchout for break above 'Symmetric Triangle' pattern for upside continuation.

Next major hurdle lies at 110-EMA at 0.7407 ahead of 38.2% Fib at 0.7450. Rejection at Triangle top and retrace below 21-EMA negates further gains.