The AUD/USD has edged higher today and has managed to reach new highs, has erased the yesterday’s impressive losses and continues to be bullish on the short term. The rate has climbed as much as 0.7573 level, has climbed above the Tuesday’s high, but unfortunately has slipped lower in the afternoon, the USD has increased in the United States trading session as the US economic data have come in better today.
The greenback has received a helping hand from the United States economy, but continues to be under pressure on the short term, remains to see what will happen in the coming days because the yesterday’s rally was created by the fundamental factors, technically, the USD could drop much deeper.
The Aussie has increased on the mixed Australian data, the Unemployment Rate has increased from 5.7% to 5.8% in December, even if the estimate was 5.7%, while the Employment Change has come better than expected, has decreased from 37.1K to 13.5K, beating the 10.2K estimate. Moreover the MI Inlation Expectations rose by 4.3%, exceeding the 3.4% growth from the previous reading period.
On the other hand the United States data have come in better, the Unemployment Claims have decreased significantly from 249K to 234K in the previous week, has come in surprisingly better because the economists have forecasted an increase to 252K jobs, the Philly Fed Manufacturing Index has increased from 21.5 to 23.6 points, beating the 16.3 estimate. The US Housing Starts have increased from 1.10M to 1.23M, exceeding the 1.19M forecast, has reached the highest level of the last 2-months, while the Building Permits have remained steady at 1.21M for the second month in December, but has failed to meet the 1.22M estimate.
Remains to see how will react in the morning, when China is to release high impact data, the Fed Chair will speak in the morning, these events along with the 58th Presidential Inauguration could bring high volatility on the currency market. Donald Trump speech could shake the markets, so you should be careful not to suffer a heavy loss.

AUDUSDd-2

The price has increased significantly and maintains a bullish perspective, could still reach the next upside target from the lower median line (lml) of the previous ascending pitchfork, I want to remind you that the major upside target remains at the upper median line (UML) of the major descending pitchfork, could be attracted by the major confluence area formed at the intersection between the upper median line (UML) with the lower median line (lml) of the ascending pitchfork, will approach and reac this obstacle if the USDX will slide further.

AUDUSDh-2

You can notice that the price continues to trade inside the ascending channel, has failed to retest the downside line of this channel, signalling that the rate could climb much higher. The short term perspective remains unchanged as long as the price remains trapped inside the ascending channel's body, only a breakdown will attract the sellers again.

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