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The AUD/USD pair turned to the downside after reaching 0.6676 today's high and now is located at 0.6633. It has resumed its growth in the last session as the Dollar Index dropped deeper. Now, after such an impressive growth, a retreat was natural.
Fundamentally, the Aussie is melting down as the Australian Consumer Price Index reported only a 4.9% growth versus 5.2% growth expected and compared to the 5.6% growth in the previous reporting period. The RBNZ maintained the Official Cash Rate at 5.50% as expected. Today, the US is to release the Prelim GDP, Prelim GDP Price Index, Goods Trade Balance, and Prelim Wholesale Inventories. Positive US data could help the USD to drag the price down.
Technically, the currency pair jumped above the up channel's upside line but it has failed to stay there, signaling exhausted buyers. The false breakout with great separation through the former high of 0.6666 announced a potential sell-off.
Now, it challenges the immediate low of 0.6633. It remains to see how it reacts. A false breakdown may announce a new bullish momentum at least towards the upside line.
A bearish closure below 0.6633 activates more declines. This is seen as a selling opportunity. The uptrend line represents a potential target.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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