The AUD/USD has increased in the first part of the day, but the bears were stronger and have taken the lead again. Price is trading in the red right now and is signaalling an exhaustion on the short term after the failure to reach the 0.7566 previous high.

Price has failed also to approach and reach a major dynamic resistance, could still reach this line because the perspective is bullish on the short term, but I want to remind you that a failure to reach this level will open the door for more declines on the short term.

We’ll see what will happen in the upcoming days because the rate has fallen below a broken resistance, we’ll have a false breakout if the rate will close under this upside obstacle.

The USD will take the full control and will lead the rate down only if the USDX will have enough energy to increase and to resume the minor rebound. The dollar index has found temporary support, signalling that has lost the bearish momentum, the behavior may change if will start to make higher lows, so we should wait for a confirmation that will increase in the upcoming weeks.

The Aussie has fallen also because the Australian NAB Business Confidence was reported at 7 points in the previous month, much lower versus the 13 points in the former reading period.

Price has decreased and now is located below the median line (ml) of the minor ascending pitchfork, we’ll have a false breakout if will stablize below this line. We may have a selling opportunity if the rate will retest the median line (ml), the next downside target will be at the lower median line (lml) of the ascending pitchfork. Could find support also at the 50% Fibonacci line (ascending dotted line).

Technically should drop aggressively if will fail to reach and retest the upper median line (UML) of the major descending pitchfork, is very important to see what will happen on the USDX in the upcoming days because a valid breakout above the 97.56 resistance will send the AUD/USD down.