AUD/USD has climbed as much as 0.7733 level today and it seems strong enough to resume its current upwards momentum. USDX's further drop punishes the greenback which has retreated against all its rivals and not only against the Aussie.
USD continues to drop after yesterday's mixed US economic data. Today, the US is to release the Unemployment Claims but I do not think that it will change the sentiment.
AUD/USD Seems Unstoppable
AUD/USD is traded beyond the first warning line (wl1) of the ascending pitchfork which represents strong dynamic resistance. The R2 (0.7698) was taken out as well, signaling strong activity of buyers.
Closing above the warning line (wl1) signals further growth towards the R3 (0.7791) level. 0.7800 could attract the price if it stabilizes above the warning line (wl1).
AUD/USD Tips
Closing above the warning line (wl1) and retesting it could bring a long opportunity with the target at the R3 (0.7791) level. You should also keep in mind that the rate could increase even without retesting the broken warning line (wl4).
