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No impact on AUDUSD, Steady Within a Rising Channel

US dollar strengthened against its major counterparts after the release of Housing and Inflation Report according to which the data was able to meet the economist’s expectations. However the pair AUDUSD seems supported and remain steady near the rising support trend line on the 4 hour chart. Yesterday the Reserve Bank of Australia said that the interest rates are likely to remain at record low levels for an extended period of time. The central bank also stated that the economy remain uncertain and therefore interest rates are required to be on hold for now.

AUDUSD : 4 Hour Chart

On the 4 hour chart, the pair seems like trading within a rising channel and continued to trade within this channel even after the RBA meeting minutes and US data. A decline below the support trend line of the channel will build some bearish trend on the pair. The nearest support level the pair may find is at .9295 if it continues to decline. The 200 day SMA might also prevent the pair in moving further up. There is also a key resistance at .9341 and according to the fundamentals the pair should break down from the rising channel.