AUD/USD rallied today and at the moment of writing was traded at 0.7215 below 0.7223 static resistance. Also, it pressures a dynamic resistance. The price ignored some positive US data, remaining strongly bullish. It remains to see what will really happen as the price stands below strong upside obstacles.
The US Final GDP, Final GDP Price Index, and the CB Consumer Confidence reported better than expected data. AUD/USD is into a resistance area, so only good US economic data reported tomorrow could stop the upwards movement.
The US Core PCE Price Index is expected to report 0.4% growth, the Durable Goods Orders may register a 1.9% growth, while the Core Durable Goods Orders is expected to report a 0.6% rise. In addition, the Unemployment Claims may drop to 200K from 206K in the previous week, while the New Home Sales are likely to increase from 745K to 770K. The Personal Spending, Personal Income, Revised UoM Consumer Sentiment, and the Revised UoM Inflation Expectations will be released as well.
AUD/USD challenges strong resistance zoneAUD/USD reached the inside sliding line (SL) of the Ascending Pitchfork which stands as a dynamic resistance. 0.7223 former high represents a static resistance. A valid breakout above these two upside obstacles may announce an upside continuation.
On the other hand, a bearish pattern or a false breakout above these levels could signal a potential bearish momentum. In the short term, it is strongly bullish after failing to stabilize below the SL1.
AUD/USD predictionThe upside pressure is strong, jumping, closing, and staying above the 0.7223 may activate an upside continuation and could bring new long opportunities.