Yesterday’s sharp decline in the USD Index pushed AUD/USD higher and resulted in an invalidation of the breakdown below important resistance line. Earlier today, official data showed that Australia's consumer price index increased by 0.7% quarter-on-quarter, which gave the exchange rate an additional support. But is this rally as bullish as it seems at the first sight?

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Yesterday’s data showed that wholesale sales declined by 1.0% in May, missing analysts’ expectations for a 0.1% gain, which pushed USD/CAD to its highest levels since Mar 2009. Will we see higher values of the exchange rate in the coming days?

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After three-week shutdown Greek banks were opened, which pushed the common currency higher against the greenback. But did this move change anything in the short-term picture of the EUR/USD pair?

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Yesterday, the Federal Reserve Bank of Philadelphia showed that its manufacturing index dropped to 5.7 in July, missing analysts’ expectations for a drop to 12.0. As a result, the USD Index moved away from a one-and-a-half month high of 97.92. Nevertheless, the greenback remains supported by growing expectations for a U.S. rate hike later this year. Will today’s data push the index higher? Before we know the answer to this question, let’s take a closer look at the current picture of our currency pairs.

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The situation in EUR/USD has deteriorated after Greece’s parliament passed harsh austerity measures demanded by the country’s creditors in order to secure a third bailout package. As a result, the pair dropped to levels not seen since May. Time for double bottom or further declines?

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