The AUD/USD increased sharply in the last hours and resumes the yesterday’s amazing rally. Has managed to jump above two major resistance levels, a valid breakout will confirm a further increase in the upcoming period. It seems like we have only a false breakdown in the last days, but is premature to talk about any scenario because the rate will be driven by the fundamental factors in the US session. Technically, it was somehow expected to drop because has shown some serious overbought signs, but the USD bulls are still too weak to take the full control.

The USDX continues to stay in the red zone after the false breakout above the 92.49 static resistance. Technically, the USD is somehow expected to climb higher after the last bearish momentum, the behavior could change if the rate will make higher lows, but nothing is certain because the FOMC could ruin the potential bullish perspective.

The Aussie increases even if the Australian MI Leading Index has dropped by 0.1% in August, has dropped in the negative territory after the 0.1% growth in July.

The USD needs a helping had from the United States Existing Home Sales, which are expected to increase to 5.46M, from 5.44M.

Price increased and jumped above the upper median line (UML) of the ascending pitchfork and above the upper median line (UML) of the black descending pitchfork. A valid breakout above the UML of the black pitchfork will confirm a further increase in the upcoming period.

Seems like we had a false breakdown below the upper median line (UML) of the blue ascending pitchfork. Another disappointment tonight will send the rate much above the 0.8048 spike, while a neutral or a hawkish speech will help the sellers to take the lead again.

A selling opportunity could come only if the rate will slip below the UML of the ascending pitchfork and if will retest the mentioned dynamic obstacles. However, a buying opportunity will appear if will stay above the UML  and if will retest it.