The currency pair dropped further and reached another target, we’ll see how will react now because a rejection will send the rate higher in the upcoming days. Technically, it should drop much deeper in the upcoming period, so the bias remains bearish. AUD/USD resumed the bearish momentum as the USDX stays higher and tries to approach the 93.30 yesterday’s high.
The dollar index closed the yesterday’s session right above the 93.00 psychological level, signaling that the bulls are strong on the short term. USDX has finally managed to jump in the green territory, is located above a dynamic support (resistance turned into support) and could approach new highs after a minor consolidation.
You should know that the US session is expected to bring a high volatility as the United States is to release high impact data.
Price accelerate the sell-off after the impressive breakdown below the lower median line (LML) of the major ascending pitchfork. Right now is pressuring the median line (ml) of the minor descending pitchfork, a valid breakdown will confirm a further drop in the upcoming period. Support can be found at the 0.7835 static support as well. The major downside target will be at the first warning line (WL1) of the ascending pitchfork, it could also be attracted by the lower median line (lml) of the minor descending pitchfork if the USDX will jump much higher in the upcoming weeks.
