AUD/USD Gains Momentum but Will It Last ?!
The Australian dollar has recently performed positively against the U.S. dollar, despite the U.S. dollar losing around 1.45% in the past few days. This decline came even after positive inflation data, as the annual Consumer Price Index (CPI) in the U.S. rose to 3.0%, marking its highest reading in seven months.
Today's daily close for AUD/USD will determine the bullish momentum for the upcoming week. If the daily candle closes above 0.63296, the bullish trend remains intact.
In this scenario, a pullback to 0.61429 could present a buying opportunity to resume the upward move toward 0.62853. However, this outlook will be invalidated if the price drops below 0.60872 and records a daily close beneath this level.
Today's daily close for AUD/USD will determine the bullish momentum for the upcoming week. If the daily candle closes above 0.63296, the bullish trend remains intact.
In this scenario, a pullback to 0.61429 could present a buying opportunity to resume the upward move toward 0.62853. However, this outlook will be invalidated if the price drops below 0.60872 and records a daily close beneath this level.
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