AUD/USD increased in the last hours and erased the morning losses. It stays above a broken resistance level signaling that it could climb much higher in the upcoming period. The rate increased as the USDX has decreased again in the last hours. Price increased and tries to approach the 0.8022 yesterday’s high. Remains to see what will happen in the upcoming hours because the rate is located below some very important dynamic resistance levels.

The United States data have come in mixed earlier, but the USD wasn’t impressed at all. The Aussie has managed to increase again, even if the Australian and the Chinese data have come in mixed. The Australian Unemployment Rate increased unexpectedly from 5.4% to 5.5%, even if the traders have expected to see a 5.4% rate, while the Employment Change was reported at 34.7K, much above the 13.2K estimate. The HIA New Home Sales rose by 0.7%, less versus the 1.6% in the former reading period, while the Mi Inflation Expectations surged by 3.7%, matching the 3.7% growth in the former reading period.

The Chinese GDP increased by 6.8% in the fourth quarter, beating the 6.7% estimate, the Fixed Asset Investment surged by 7.2%, beating the 7.1% estimate, while the Industrial Production increased by 6.2%, more versus the 6.1% estimate. Unfortunately, the Retail Sales have increased only by 9.4%, less versus the 10.1% estimate and compared to the 10.2% growth in the former reading period.

The rate is located above the broken upper median line (UML) of the major black descending pitchfork and tries to approach the 0.8022 yesterday’ high and the sliding line (sl) of the blue ascending pitchfork. Personally, I believe that only a valid breakout above the sliding line (sl) will confirm a further increase on the short term. Resistance can be found at the sliding line (sl) at the 250% Fibonacci line (descending dotted line). A minor corrective phase will be confirmed only after a drop below the UML and a retest of it.