Hello guys! Welcome to another day of forex trading. My forex pick for the day is an update on the Australian dollar against the US dollar currency pair (AUDUSD) or as some may call it “Aussie”. During my last post on this (kindly check here), I mentioned it could head north once again after a possible rebound from its 7-month trend line seen in the daily chart. Gladly, as the AUDUSD touched the trend, it bounced back up and now preparing for another trek higher. In addition to that, there could be a possible inverted head and shoulders in the daily chart with the neckline being at the 0.9955-0.9970 area. This could be a great setup for the Australian dollar to out-swing the US dollar’s value. If the “Aussie” is successful on breaking out from the said pattern, it could rise and encounter heavy selling pressure at the 1.0183 all-time high. If that all-time high gets breached, the next resistance could be the 1.0500 psychological level. On the flip side, if this pair loses its gas and starts to decline, the significant support is the 7-month uptrend. If that marker gets broken, the next support could be 0.9550. Later’s report could heavily impact the forex market as the data on the Producer Price Index (PPI), retail sales, FOMC statement and the Federal Funds Rate of the US are coming out.