AUD/USD starts increasing again after failing to confirm a deeper decline. It's traded at 0.7740 level and is pressuring an immediate resistance area. The pair has decreased a little in the short term as the USDX has rebounded.
The price has tested and retested major dynamic support and now it seems ready to come back higher. The US Unemployment Claims will be released later today and are expected to drop from 553K to 540K.
Poor US data could weaken the USD and could help AUD/USD to go higher in the upcoming period.
AUD/USD Rejected By Support!
AUD/USD failed to stabilize under the descending pitchfork's median line (ML) signaling a new bullish momentum. Now is pressuring the weekly pivot (0.7741). Stabilizing above this obstacle should indicate more gains.
The recent false breakdowns from the extended range signaled an upside breakout from this pattern. The sideways movement is seen as a continuation pattern. An upside breakout could lead the price to new highs.
AUD/USD Trading Conclusion!
We may have a new buying opportunity if AUD/USD jumps and closes above 0.7766 high. Also, a valid breakout above 0.7815 could represent a buying opportunity with a major upside target at the upper median line (UML), above 0,79.
The material has been provided by InstaForex Company - www.instaforex.com