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AUDUSD : Rises Despite Downbeat Construction Work Done Data, But Gains Seems Limited

AUDUSD : Daily Chart

Yesterday in my blog about AUDUSD, I wrote that the pair is consolidating within the symmetrical triangle trend from which it broke out today despite downbeat construction work done data. The pair is currently testing the key resistance at .9348 which earlier also provided resistance to the pair. The gains would be limited unless the Private Capital Expenditure data from Australian Bureau of Statistics at 9:30 PM EDT beats the economist’s expectations. Also the upbeat US data continues to support the demand for US dollar. There is no important data coming out today in the US session which might change the direction of AUDUSD.

There seems a higher resistance trend line on the daily chart which if again provides resistance to the pair will signal a bearish trend as it will form a descending triangle pattern. So even though the pair gains and break above the current resistance, the gains would be limited and the bearish trend still exists.