AUD/USD Is Rising

The AUD/USD consolidation lasted for several months before the pair finally managed to break above the resistance at 0.7380 and then continued rallying for the past week. In my opinion, the rally will continue for the foreseeable future as the pair will continue climbing towards the next major level of resistance, which is at 0.7800 and coincides with the (MA)89 on the weekly time frame. That said, we can probably expect some retracement next week.  I have, however, already opened long positions, and I will be on the lookout for a signal to open more since I think that this is only the beginning of the move to the upside.