The AUD/USD pair climbed as much as 0.6821 today. Now, it's trading at 0.6811 at the time of writing. The USD lost significant ground versus its rivals as the Dollar Index crashed. Technically, the currency pair ignored the near-term resistance levels, indicating more gains.
The price jumped higher only because the USD is bearish. Fundamentally, Australia reported lower inflation compared to the previous reporting period. The FED increased the Federal Funds Rate by 0.25% as expected. Today, the ECB will have a major impact on the USD as well.
The US Advance GDP may report a 1.8% growth, Unemployment Claims could jump to 234K, while Advance GDP Price Index is expected to register a 3.0% growth. In addition, the US is to release the Pending Home Sales, Durable Goods Orders, Prelim Wholesale Inventories, and Goods Trade Balance figures.
AUD/USD Breakout Confirmed!
AUD/USD jumped above the downtrend line signaling further growth. It has found resistance at 0.6821 now it has retested the broken downtrend line.
It challenges the weekly R1 (0.6810) which represents an upside obstacle. Still, the critical resistance is represented by 0.6821.
AUD/USD Forecast!
Staying above the broken downtrend line and making a new higher high, a bullish closure above 0.6821 is seen as a buying signal.
