On November 3rd, I wrote about a potentially bullish scenario for the AUDUSD. The pair was breaking out of a wedge pattern at 0.7130. Since then, the Australian dollar has rallied 300 pips. You can see how AUDUSD has produced some nice stair-step price action over the last few weeks. On top of that, buyers are working on a breakout above the 0.7410 level. That’s the area I’ve written about several times. Yesterday closed above it, and 0.7410 appears to be attracting a few buyers so far today. However, given that this is Friday, I’d like to see a weekly close above 0.7410 before deciding whether or not to go long. (full story)