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AUD/USD deeper drop is imminent

AUD/USD dropped significantly and now it stands at 0.7174 far below yesterday's high of 0.7269. It has accelerated its sell-off as the Dollar Index rallied after the FOMC Meeting Minutes.

The pair has recovered a little in the last hours only because the DXY slipped lower from today's high of 93.52. AUD/USD is still under massive pressure, so a temporary rebound could only help us to catch a new downside movement.

The aussie has plunged despite the fact that the Australian data came in better than expected in the early morning. The Unemployment Rate dropped from 4.9% to 4.6%, even if specialists have expected to see an increase to 5.0%, while the Unemployment Change was reported at 2.2K versus -45K expected.

On the other hand, the US Unemployment Claims dropped from 377K to 348K, far below 362K expected.

AUD/USD massive sell-off


AUD/USD has dropped as much as the 0.7144 level. Now it has raised a little to retest the broken lower median line (lml). It has dropped within the descending pitchfork's body. For the first time, AUD/USD could stabilize outside of the pitchfork's body.

Stabilizing under the lower median line (lml) could signal a further drop towards the 150% Fibonacci line or even lower towards the 0.7100 psychological level.

AUD/USD outlook

The bias is bearish, so AUD/USD could drop towards 0.7100 in the short term. Only a strong bullish pattern could announce a new leg higher and could bring us new long opportunities. We cannot talk about this scenario as long as AUD/USD is strongly bearish.

The lower median line (lml) retest could bring new short opportunities, bearish signals, on lower timeframes.

The material has been provided by InstaForex Company -