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AUDUSD : Giving Bullish Signal Although Gains Seems Limited

AUDUSD : Daily Chart

AUDUSD will soon be testing the resistance at .8898 and might break above it on the daily chart as it is following an ascending triangle trend giving bullish signal. If the pair is able to breakout, the next resistance it may find at .8984. Although the gains will be limited as the 100 day SMA is moving towards the 200 day SMA and might cross below it signaling a downtrend continuation. 50 day SMA might also resist the pair in rising further. US dollar is weakening against Australian dollar today as investors are looking for monetary policy statement by Fed at 2 PM EDT.

AUDUSD : 4 Hour Chart

On the 4 hour chart also, we can clearly see that the pair is giving mixed signals.An Ascending triangle trend is signaling that the pair will breakout above the resistance at .8897 and the rising wedge is signaling that the pair might breakdown from the wedge. So we can confirm that the pair are limited.

AUDUSD :Hourly Chart

However on the hourly chart, now the pair is trying yo break above the rising wedge fading away the bearish pattern. The stochastic oscillator is showing that the pair is now trading in the overbought zone so trimming of gains is expected.