The AUD/USD pair maintains a bearish bias despite the current rebound. It could retest the immediate support levels before jumping higher again. Only a valid breakout above the downtrend line may activate a larger rebound. The AUD/USD price rallied in the short term as the USD was weakened by DXY’s sell-off. Technically, the bias remains bearish, but a temporary rebound was somehow expected after its massive drop. -Are you interested to find high leverage brokers? Check our detailed guide- In the short term, the price action developed a potentially bullish pattern. Still, this formation is far from being confirmed. The price may only reach the immediate upside obstacles before turning to the downside. Fundamentally, the Australian Building Approvals rose by 9.9% versus a 2.0% drop expected, ANZ Job Advertisements surged by 1.4%, while the MI Inflation Gauge registered a 0.3% growth. Today, the US banks are closed in observance of Independence Day. Tomorrow, the RBA Rate Statement and the Cash Rate could bring high volatility and sharp movements on either side. Also, the Australian Retail Sales, AIG Construction Index, and the US Factory orders could bring more volatility. The AUD/USD pair also dropped a little in the short term because the US ISM Manufacturing PMI, Construction Spending, ISM Manufacturing Prices, and the Wards Total Vehicle Sales came in worse than expected on Friday. Get FREE Forex Signals Now! DXY price technical analysis: Correction As you can see on the 1-hour chart, the Dollar Index retreated after reaching a resistance zone. The current drop forced the USD to lose significant ground versus the other currencies. The DXY maintains a bullish bias despite temporary drops. It could reach and retest the immediate downside obstacles before coming back higher. -Looking for high probability free forex signals? Let’s check out- AUD/USD price technical analysis: Surging towards trendline The AUD/USD pair climbed as much as 0.6888, where it found resistance. It almost reached the downtrend line, which represents a dynamic resistance. Now, it could come back to test and retest the 0.6850 key level and the weekly pivot point (0.6850). The 0.6828 level is seen as a downside obstacle as well. A larger swing higher could be activated only by a valid breakout above the downtrend line. Only false breakouts above this obstacle or failing to reach it may signal a new sell-off. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns AUD/USD Daily Outlooks share Read Next AUD/USD Price Slips to 0.6850 Despite RBA’s 50bps Rate Hike Saqib Iqbal 1 month The AUD/USD pair maintains a bearish bias despite the current rebound. It could retest the immediate support levels before jumping higher again. Only a valid breakout above the downtrend line may activate a larger rebound. The AUD/USD price rallied in the short term as the USD was weakened by DXY’s sell-off. Technically, the bias remains bearish, but a temporary rebound was somehow expected after its massive drop. -Are you interested to find high leverage brokers? Check our detailed guide- In the short term, the price action developed a potentially bullish pattern. Still, this formation is far from being confirmed. The… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.