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The AUD/USD pair is strongly bullish as the Dollar Index could resume its downside movement after the US Prelim UoM Consumer Sentiment came in at 54.7 points far below 59.5 expected and versus 59.9 in the previous reporting period. In addition, Prelim UoM Inflation Expectations came in at 5.1% versus 5.0% in the previous reporting period.
As you already know, fundamentally, the USD depreciated versus the other major currencies as the FED is expected to deliver only a 50 bps hike in December after the US reported lower inflation in October. Also, the greenback lost significant ground since last Friday as the US Unemployment Rate jumped from 3.5% to 3.7% above the 3.6% expected.
As you can see on the H1 chart, the rate jumped and stabilized above the ascending pitchfork's median line (ml). This line represented a dynamic resistance. Now, it has passed and closed above the 0.6681 historical level.
As long as it stays above the median line and above the historical level, the AUD/USD pair could extend its growth.
Breaking above 0.6681 is seen as a long opportunity. Consolidating above this level, testing and retesting the broken may announce a new bullish momentum. The weekly R3 (0.6770) represents a potential upside target.
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