The AUD/USD pair rallied even though the Dollar Index has managed to reach new highs. It is trading at 0.7413 at the time of writing, below daily high of 0.7441 . The outlook remains bullish despite minor retreats. Technically, after its amazing rally, we cannot exclude a temporary decline.
Fundamentally, the Aussie received support from the Chinese economic data. The Trade Balance increased from 605B to 739B while the USD-Denominated Trade Balance was reported at 116.0B versus 95.5B expected. The Australian ANZ Job Advertisements rose by 8.4% versus a 0.7% drop in the previous reporting period.
AUD/USD Bullish Bias
Techncially, the AUD/USD pair jumped above the 0.7413 key level, a former high, signaling strong buyers and potential upside continuation. Stabilizing above this broken upside obstacle may announce further growth.
After registering a valid breakout above the inside sliding line (SL1), the currency pair was somehow expected to climb towards fresh new highs. The next upside target could be represented by the weekly pivot point of (0.7450). The upper median line (UML) of the ascending pitchfork represents an upside obstacle as well.
AUD/USD Outlook
A minor accumulation and consolidation above the 0.7413 broken resistance could confirm an upside continuation and could bring new long opportunities.
Further growth could be invalidated if the rate fails to stay above the 0.7413 obstacle.
