AUD/USD increased today, but the perspective remains bearish on the daily chart as the rate remains below some very important resistance levels. This could still be only a temporary rebound and the rate could drop again if the USDX will jump much higher.

Price has failed once again to stabilize below a very important dynamic support, so the rebound is natural. It is very important to see what will really happen on the USDX in the upcoming period because the index it is trapped between some very important support and resistance levels.

The Aussie has managed to increase a little on the mixed Australian data, the Employment Change was reported at 5.6K, much lower versus the 15.2K estimate and compared to the 44.6K in the former reading period, while the Unemployment Rate dropped unexpectedly, from 5.3% to 5.0%, even if the specialists have expected to see the rate steady at 5.3%.

The US data have come in mixed as well, the Philly Fed Manufacturing Index was reported at 22.2 points, above the 19.7 estimate, but below the 22.9 in the former reading period, the CB Leading Index rose by 0.5%, matching the 0.5% estimate, while the Unemployment Claims have decreased from 215K to 210K in the previous week, the estimate was 211K.

The rate has found a strong support on the median line (ML) of the descending pitchfork and now is trying to rebound. It has found a temporary resistance at the lower median line (lml) of the minor ascending pitchfork and at the 0.7159 static resistance.

The median line (ML) represents a very strong dynamic support, it continues to reject the price, but right now it is premature to talk about a potential larger upside movement as long as the rate stays below the upside 50% Fibonacci line of the descending pitchfork.

You can see that we had only a false breakdown below the 150% line of the minor ascending pitchfork, so a valid breakdown will announce a further drop.