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The AUD/USD pair dropped in the short term as the USD was boosted by the DXY's rally. Now, it's located at 0.6940 at the time of writing. Still, after its sell-off, we cannot exclude a temporary rebound. The instrument could try to test and retest the near-term resistance levels before dropping again.
Fundamentally, the Australian Westpac Consumer Sentiment rose by 5.0% beating the 3.0% growth in the previous reporting period. Furthermore, the Chinese data came in better than expected, so the Aussie could still try to rebound. GDP surged by 2.9% exceeding the 1.6% growth estimated, Industrial Production increased by 1.3% versus the 0.2% growth expected, while the Unemployment Rate dropped unexpectedly from 5.7% to 5.5%.
The US data and the Canadian inflation figures could be decisive later today. DXY's larger rebound could force AUD/USD to drop deeper.
Technically, AUD/USD escaped from a major Rising Wedge pattern and now ignored the weekly pivot point of 0.6940 and the 0.6940 downside obstacles. Still, it could come back to test and retest the new downtrend line before reaching new lows.
The downtrend line represents a dynamic resistance. Today's low of 0.6929 stands as a critical level.
Staying below the downtrend line and making a bearish closure below 0.6929 activates a bearish continuation. This brings us a selling opportunity, the S1 (0.6890) stands as a potential target.
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