The AUD/USD has edged higher today, resuming the bullish movement, has jumped much above the 0.7718 last week’s high. Price has increased even if the US dollar index has managed to recover a little, remains strongly bullish and could approach and reach new highs in the coming days.
Has found temporary resistance and has decreased a little, could still increase further in the coming days as the USDX could resume the bearish movement, the index has increased, but remains under massive selling pressure.
The Aussie has increased also because has received support from the Australian CB Leading Index has surged by 0.4%, more versus the 0.3% estimate. Remains to see how the AUD/USD will react later, after the Australian Monetary Policy Meeting Minutes will be released, the Australian HPI will come out as well, the indicator could increase by 2.4%, more versus the 1.5% growth in the previous reporting period.
As you already know, the RBA has maintained the interest rate on hold, so the minutes could boost the Aussie, a AUD/USD’s further growth will force the Gold to increase as well on the short term.
The price has rallied and has managed to jump above the lower median line (lml) of the major ascending pitchfork, has touched new highs, but has failed to reach the 0.7755 static resistance. Has found temporary resistance right above the lower median line (lml) of the major ascending pitchfork, but he could still take out this resistance and could resume the bullish movement.
Technically should increase further after the breakout above the sliding line (descending dotted line), could approach and reach the 0.7835 static resistance in the upcoming period if the USDX will drop much below the 100.00 psychological level. However, the AUD/USD could come down to test and retest the broken outside sliding line (descending dotted line) before will resume the upside movement.
A minor selling opportunity could appear if the rate will test and retest the confluence area formed at the intersection between the lower median line (lml) with the 0.7755 level and will fail to jump above.