AUDUSD Technical Analysis Update – Ascending Triangle At Parity

• The AUD/USD currency pair is currently consolidating gains around the parity level.  Price has bounced lower from this area on three recent occasions and each time a higher low has formed thus creating an ascending triangle.  
• Parity on AUDUSD is found when a single Australian Dollar buys its US counterpart.
• The Aussie dollar is currently up around .67% on the day versus the greenback.  Rumours have circulated that central banks could be preparing for co-ordinated action, should it be required, following the Greek elections; this has seen the US dollar trade lower across the board.
• This kind of technical level, with multiple bounces at a clearly defined area, will most likely see considerable order flow building.  Options barriers and other speculative flows can also play a part around these major psychological round numbers.
• A sustained break above the area may see short term volatility and a potential bullish breakout.  A failure to sustain a new high could likewise see weak longs squeezed out of positions and a strong subsequent reversal.  
• The higher low scenario is hinting that a breakout to the upside could be on the cards.  Price action should however be monitored carefully.