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The Aussie has broken out of its channel that was established over a few weeks. With all the excitement of the last few days on the news and data front, we’ve been in the midst of a bit of a whipsaw.

At the moment there is a little bit of an upward move in the AUD/USD. Markets are relatively quiet today even with the news coming out of Spain, but we might have the potential for the Aussie to grind its way higher over the course of the session.

There’s a bullish candlestick pattern on the 4-hr chart that might give us a few pips if you’re looking for an opportunity. Look for us to hold above 0.7900 and we might be in for another leg higher.