AUDUSD is trending in a pennant flag pattern - more upside?

AUDUSD is trending to the upside today ahead of US elections. A break above the resistance trendline could signal for buyers to drive price higher, likewise a rejection of the resistance line could signal further selling. We are bullish AUDUSD today as traders may look to reduce USD exposure approaching the elections. It is worth taking into account the RBA's rate cute today, from 0.25% to record lows of 0.1%. This would typically be bearish for the AUD.

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