The AUD/USD has registered important gains today and has managed to recover after the yesterday’s drop. Remains to see what will happen in the coming hours because the rate has dropped again in the last hours, the sellers have stepped in again and have driven the price down. The pair has decreased a little also because the USDX has resumed the yesterday’s bullish candle.

The USDX has increased as much as 101.73 level and looks determined to approach and reach new highs in the coming period, a further increase will help the greenback to climb much higher versus its rivals. The AUD/USD has reached a very important resistance level on Thursday, but was rejected by this level, a failure to jump above the 0.7731 previous high will attract more sellers.

The Aussie has increased somehow surprisingly in the morning as the Australian data have failed to impress, the Construction Work Done fallen by 0.2% in the Q4, even if the traders have expected to see a 0.5% growth, the indicator has decreased further after the 4.4% drop in Q3. The Wage Price Index has come in line with expectations, has increased by 0.5%, more compared to the 0.4% growth in the previous reading period. Moreover the MI Leading Index has increased by 0.0%, less versus the 0.4% growth in the previous reporting period.

The rate has decreased a little in the last hours after the retest of the sliding parallel line (descending dotted line), has failed to approach and reach the previous highs. Right now is pressuring the lower median line (LML) of the major ascending pitchfork, the perspective remains bullish on the short term, but a drop below the upper median line (UML) of the major descending pitchfork will open the door for more declines .

The outside sliding parallel line represents a  very strong dynamic resistance, a failure to climb above this major upside obstacle will bring us a good selling opportunity, but we still need a confirmation that the currency pair will start another leg lower, this scenario will take shape only if  the USDX will jump much above the 102.00 psychological level.