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After yesterday's massive drop, the AUD/USD pair increased a little in the morning. A rebound was natural before dropping deeper. As you already know, the USD dominated the currency market after the US reported better-than-expected ISM PMIs last trading session.
Today, the RBA increased the Cash Rate from 2.85% to 3.10% as expected. On the other hand, the USD received a helping hand from the Trade Balance which came in at -78.2B versus the -80.1B expected. Tomorrow, the Australian GDP could report a 0.6% growth versus 0.9% in the previous reporting period. Also, the BOC could have an impact on the USD as well.
Technically, the AUD/USD pair challenges the uptrend line which represents dynamic support. The 0.6687 and 0.6681 levels represent downside obstacles as well.
As long as it stays above the uptrend line, the price could try to develop a new bullish momentum. Staying above the uptrend line and making a new higher high, jumping and closing above 0.6744 may signal further growth.
A valid breakdown below the weekly S1 (0.6670) activates more declines and brings new selling opportunities.
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