The AUD/USD pair is trading in the green at 0.7151 at the time of writing. Surprisingly or not, the pair has managed to grow even if the Monetary Policy Meeting Minutes came in dovish. On the other hand, the US PPI and Core PPI came in better than expected.
The currency pair jumped higher only because the Dollar Index is bearish in the short term. In the early morning, the Chinese CPI and PPI could bring some action. Still, the US retail sales data could be decisive tomorrow. The Retail Sales indicator is expected to report a 2.1% growth, while the Core Retail Sales could register a 1.0% growth.
AUD/USD Still Bullish!AUD/USD pressures the ascending pitchfork's lower median line (LML) and the weekly pivot point of 0.7148 level. Staying below these upside obstacles may signal that the pair could develop a new sell-off soon.
Technically, the current growth could be only a temporary one. In the short term, it could climb higher if it closed and stabilizes above the 0.7156 today's high.
AUD/USD Forecast!Only false breakouts above the daily high of 0.7156 and above the LML could signal that the rebound ended and that the sellers could take the lead again. Still, a great selling opportunity could be announced by a potential drop below 0.7101 today's low.