AUD/USD rebounded and tries to jump much higher after the false breakdown below the median line (ML) of the major ascending pitchfork. Could climb higher because has failed to close right on the ML, this scenario will happen only if the USDX will slide further on the short term.
Aussie increased even if the Chinese data have disappointed, the Industrial Production increased by 6.4%, less compared to the 7.1% estimate and versus the 7.6% growth in the former reading period, the Fixed Asset Investment increased only by 8.3% in July, less compared to the 8.6% estimate and versus the 8.6% in June. The Retail Sales rose by 10.4%, less compared to the 10.9% estimate and versus the 11.0% in the previous reading period.
AUD/USD found resistance at the median line of the minor descending pitchfork, now is pressuring the median line (ml) of the minor ascending pitchfork. A valid breakout above the mentioned levels will confirm a further increase.
