Sasha Singh
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AUDUSD : Trimming its Losses But Still Trading Sideways

AUDUSD : Daily Chart

AUDUSD continues to trade within the sideways pattern and rose today from the support at .8680 on the daily chart. The gains came after the release of the upbeat trade data from China. The official data showed that the exports in September rose by 15.3% above the estimate of 11.8% and imports rose by 7% better than the expected decline of 2.7%. However the trade balance showed a surplus of $31 billion lower than the $41 billion forecast. The pair trimmed some of it losses today. Trend still seems to be bearish as the 100 day SMA is now contracting towards the 200 day SMA and might cross below it. If it does so the pattern would then be such that the 100 day SMA will be above the 50 day SMA and 200 day SMA will be above the 100 day SMA and all heading in downward direction.

AUDUSD : 4 Hour Chart

On the 4 hour chart, the nearest resistance for the pair is at .8830 which earlier also resisted the pair couple of times. If it breaks above this resistance, the next resistance to test would be at .8887. The pattern of the moving average is now changing a little as 50 day SMA is contracting towards the 100 day SMA signaling a revival in the pair.

AUDUSD : Hourly Chart

On the hourly chart, the pair is currently testing the key resistance at .8778 and might break above it as it seems like following an ascending triangle pattern. So for short term the pair might continue to trim its losses.