AUD/USD is trading at 0.7464 at the time of writing and it seems determined to hit fresh new highs soon. Technically, the pair has managed to take out some strong resistance levels signaling further growth.
USD resumes its downside movement after the poor NFP report released on Friday. USDX's further drop weakens the greenback which depreciates versus all its rivals and not only versus the Aussie.
AUD/USD Upside Breakout!
AUD/USD has retested the Pivot Point (0.7404) level and 0.7413 broken resistance level and now it could register a new higher high. Closing above 0.7453 former high signals strong buyers and more gains ahead.
A bullish closure above the R1 (0.7470) could suggest buying again. Escaping from the rising wedge pattern brings an aggressive rally in the short term. The warning line (wl1) and the R3 (0.7582) could be used as upside targets.
- AUD/USD Trading Tips
Buying Signal - we could go long if AUD/USD closes above the R1 (0.7470) static resistance. The first target is seen at the R2 (0.7516), while the second target could be represented by the R3 (0.7582).
