FX.co ★ AUD/USD maintains bullish momentum

AUD/USD has changed little in the last hours but it maintains a bullish bias. It's still located in the buyer's territory, so further growth is favored. The US dollar index remains under bearish pressure, a deeper drop could lift the AUD/USD pair.

The index was too overbought to be able to come back higher even if the US data came in better than expected yesterday. Today, the Aussie received a helping hand from the Chinese economic figures.

The Manufacturing PMI increased from 50.1 to 50.3 points signaling further expansion. The specialists expected a potential drop to 50.0 points. In addition, the Non-Manufacturing PMI was reported at 52.7 points above 52.0 expected.

AUD/USD retains bullish momentum

AUD/USD is struggling to stabilize above 0.7251 static resistance. You already know from my analyses that the pair maintains a bullish bias as long as it stays above this level and above the ascending pitchfork's inside sliding line (SL).

A minor consolidation here followed by a new higher high, a bullish closure above 0.7275 yesterday's high could confirm an upside continuation. As long as it stays above the 0.7223 and above 0.7205 level, AUD/USD is bullish.

AUD/USD Outlook

The currency pair tries to accumulate more bullish energy before resuming its upwards movement. A minor accumulation may signal a new bullish momentum to the 0.7300 psychological level. The ascending pitchfork's median line (ML) is seen as an important upside target. A new higher high could trigger a new rise in the pair.