The AUD/USD has decreased significantly today and has resumed the bearish momentum, is trading in the red and looks unstoppable on the short term. Could reach new lows if the USDX will have enough energy to climb again above the 102.00 psychological level.
Has reached new lows and remains heavy on the Daily chart, is targeting new lows on the short term as the Aussie is under massive pressure. The pair has decreased in the first part of the day also because the USDX has managed to increase and to touch the 102.25 previous high, but now has squeezed a little as the USDX has fallen much below the 102.00 psychological level. The USDX maintains a bullish perspective on the short term, a further increase will help the greenback to appreciate further versus its rivals, but a failure to climb above the 102.25 level will send the rate down on the short term, this situation will weaken the dollar.
The Aussie has plunged despite the mixed Chinese economic data, the New Loans have decreased from 2030B to 1170B in February and have come in better than the 925B estimate, while the M2 Money Supply rose by 11.1%, but less versus the 11.4% estimate. The Chinese PPI surged by 7.8% in February, beating the 7.6% estimate and the 6.9% growth in the previous reading period, while the CPI has disappointed because has increased only by 0.8% in the last month, less versus the 1.9% estimate, and less compared to the 2.5% growth in January.
The AUD/USD has increased a little in the last hours as the greenback has taken a hit from the United States Unemployment Claims, which have increased unexpectedly higher in the last week, have increased to 243K jobs, from 223K jobs, much higher versus the 239K estimate. The Import Prices rose by 0.2% in February, beating the 0.1% estimate, but has increased less versus the 0.6% growth in January, while the Challenger Job Cut decreased to -40.0%.

AUDUSDdaily-1

You can see on the Daily chart that the rate has fallen sharply and looks determined to approach and reach new lows, the next major downside target will be at the 0.7440 static support and at the median line (ml) of the minor ascending pitchfork, actually we have a confluence area at the intersection between these two support levels that could attract the price. Technically was expected to drop after the failure to stabilize above the lower median line (lml) of the former major ascending pitchfork, I've said in the last weeks that we'll have a sharp drop if the rate will slip inside the major descending pitchfork's body.

AUDUSDh4-1

The rate has found temporary support right above the first warning line (wl1) of the minor descending pitchfork, but the perspective remains bearish on the lower timeframes because is located below the 50% Fibonacci line (descending dotted line), which represents an important dynamic resistance on the H4 chart. Could drop further despite a minor rebound, a throwback could be natural after the impressive sell-off.

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