AUD/USD is trading in the green and resumes the yesterday’s bullish candle. It seems poised to climb much higher as the USDX drops again. Unfortunately, the USDX has found strong resistance at the 92.49 static resistance and now is going down again. USDX dropped also below the 91.92 static and could hit another dynamic support very soon. The dollar index could move in range on the short term and a failure to close below the 91.02 previous low will signal a rebound.
We’ll see what will happen because the dollar index is very heavy on the short term, but this could be only a retest of the dynamic support levels.
An accumulation will signal a reversal on the short term, but we have to wait for a fresh signal because right now we don’t have any reversal signs.
The Aussie was helped by the Chinese New Loans, which have increased unexpectedly higher, from 826B to 1090B, beating the 933B estimate.
You can see that the price is trading in the green after the retest of the lower median line (lml) of the minor ascending pitchfork. Is still trapped within the median line and the lower median line (lml) of the minor ascending pitchfork.
The failure to reach and retest the median line (ML) of the major ascending pitchfork signaled that it could come higher to retest the 0.8065 static resistance and the upper median line (uml) of the descending pitchfork.
