The AUD/USD pair is trading in the green at 0.7240 far above today's low of 0.7205. The currency pair ended its temporary decline and now it seems determined to resume its upwards movement.
The currency pair slipped lower after registering a strong swing higher. Still, the retreat was only a temporary one. The bias is bullish, so AUD/USD could approach and reach new highs. The USD lost ground versus some of its rivals even if the US reported some positive economic figures last week. Some poor US economic data reported during the week could push AUD/USD higher.
AUD/USD Downside Invalidated!
AUD/USD failed to stay below the inside sliding parallel line (SL) and below 0.7223 signaling strong buyers and potential further growth. Its false breakdown below the confluence area formed at the intersection between 0.7223 and the sliding line (SL) was seen as a bullish signal.
The former high of 0.7251 stands as an immediate upside obstacle. Making a new higher high could bring new long opportunities.
AUD/USD Prediction!
AUD/USD may extend its upward movement if it jumps and stabilizes above its former high of 0.7251 . As long as it stays above 0.7223 and above the inside sliding line (SL), AUD/USD could resume its growth. The median line (ML) of the ascending pitchfork could be used as an upside obstacle and target if the price continues to grow.
