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AUD/USD extended its growth and now it stands at 0.7518 level. The bias is strongly bullish, so the pair could extend its growth. DXY's sell-off forces the greenback to drop versus its rivals. Technically, it has taken out a major and critical resistance level, so further growth is natural.
Fundamentally, the pair was somehow expected to approach and reach new highs after the hawkish RBA Minutes and the poor US Building Permits and the Housing Starts reports. Today, USD started to depreciate again after the Canadian inflation data release.
Tomorrow, the US Unemployment Claims may put USD under pressure if the indicator reports worse than expected data. Moreover, on Friday, the manufacturing and services figures could be decisive in the short term.
AUD/USD registered a valid breakout through the 0.7478 former high which was seen as a major static resistance level. Taking out this level and the weekly R1 (0.7472) signaled an upside continuation.
If you remember, I've talked about an Inverse Head & Shoulders in the last weeks. Technically, the Ascending Pitchfork's median line (ML) is seen as a major upside target. Still, it's premature to talk about this line as the rate is located far below it.
The immediate target is seen at the 0.7530 level. Making a valid breakout through this obstacle may signal further growth.
The AUD/USD pair validated its breakout through 0.7478 after retesting this zone. Today's aggressive breakout through this level represented a buying opportunity. A temporary decline may help the bulls to go long again.
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