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AUDUSD : Testing Resistance From 50 Day SMA

(AUDUSD : 4 Hour Chart)

Australian Dollar is surging today against US dollar and seems like testing the resistance from the 50 day SMA on the 4 hour chart. If the pair decline from this level it might find support from the rising support trend line and thus forming an ascending triangle pattern. An ascending triangle pattern gives bullish signal. The investors would now be focusing on the FOMC meeting minutes releasing out tomorrow at 2:00 PM EDT which will give guidance about the economy and the timing of the interest rate increase. Currently the investors seems cautious amid the expectations that Fed will remain dovish on monetary policy and economy. On the other hand the National Australia Bank said the its business confidence index increase to 8 in June from a reading of 7 in May.

(AUDUSD : 4 Hour Chart)

On the daily chart also the pair is following an ascending triangle pattern finding support from the rising support trend line and resistance at .9443. The pair should surge breaking this resistance.