The AUD/USD pair could register a new sell-off after making a valid breakdown below the sl1. Only a new higher high may signal an upside continuation. The US data could be decisive today. The AUD/USD price is trading in the red at 0.7091, at the time of writing. As you already know, the price developed a significant swing higher as the Dollar Index is in a corrective phase. –Are you interested in learning more about British Trade Platform Review? Check our detailed guide- The DXY reached a support level, so a bounce-back could force the USD to recover against its rivals. After its strong depreciation, the US Dollar could try to take the lead again in the short term. As you already know, the Federal Reserve is expected to continue hiking rates in the next monetary policy meeting as the inflationary pressure is high. Fundamentally, the Australian data came in worse than expected compared to the last reporting period. The Flash Services PMI dropped from 56.1 to 53.0, while the Flash Manufacturing PMI came in at 55.3 in May, below 58.8 points in April. The economic indicators signaled that we have a slowdown in expansion in both sectors. Later, the US data could be decisive, and the volatility could be high in the US session. The Flash Manufacturing PMI is expected to drop from 59.2 to 57.6 points, Flash Services PMI could come in at 55.1 points below 55.6 in the previous reporting period, while the New Home Sales indicator may drop from 763K to 751K. Get FREE Forex Signals Now! AUD/USD price technical analysis: Overbought The AUD/USD pair plunged after failing to stabilize above the ascending pitchfork’s median line (ML). As you can see on the 1-hour chart, the price found resistance at the weekly R1 (0.7120) and at the upside inside the sliding line (sl2). –Are you interested in learning more about buying NFT tokens? Check our detailed guide- The price registered only a false breakout through the confluence area formed at the intersection between these upside obstacles. Technically, the downside sliding line (sl1) stands as a dynamic support. Making a valid breakdown below it may signal a strong sell-off. In my opinion, only a valid breakout above the weekly R1 (0.7120), a new higher high could activate an upside continuation. 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 USD/CHF Outlook: Heading Lower as Inflation Puts Pressure on the SNB Saqib Iqbal 8 months The AUD/USD pair could register a new sell-off after making a valid breakdown below the sl1. Only a new higher high may signal an upside continuation. The US data could be decisive today. The AUD/USD price is trading in the red at 0.7091, at the time of writing. As you already know, the price developed a significant swing higher as the Dollar Index is in a corrective phase. -Are you interested in learning more about British Trade Platform Review? Check our detailed guide- The DXY reached a support level, so a bounce-back could force the USD to recover against its… 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.