AUD/USD is trading at 0.7254 at the time of writing below 0.7272 yesterday's high. It is trading in the red as the US dollar Index is struggling to rebound and recover after yesterday's sell-off. Technically, the price stands in the buyer's territory, so it could jump higher anytime.
In the short term, it could only test and retest the immediate support levels before resuming its growth. Yesterday, the US dollar declined following the US Goods Trade Balance and by the Pending Home Sales data.
Today, the US is to release its initial jobless claims data, which is expected to remain unchanged at 205K in the last week, while the Chicago PMI could increase from 61.8 to 61.9 points. The greenback could decline if the figures are worse than expected.
AUD/USD Upside PressureIf you remember, I have told you in a previous analysis that, AUD/USD could extend its upwards movement if it stays above the ascending pitchfork's inside sliding line (SL) and if it makes a valid breakout through the 0.7251.
The rate jumped above this obstacle and now it tries to retest it. Stabilizing above it may confirm further growth at least until the weekly R1 (0.7288). The ascending pitchfork's median line (ML) stands as a major upside target if the rate continues to grow.
AUD/USD Prediction!Consolidating above 0.7251 and making a new higher high, closing above 0.7272 could validate potential growth towards 0.7300 psychological level and up to 0.7350.
The upside scenario could be invalidated if the rate drops and closes below 0.7205 low.