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AUDUSD : Gain Seems Limited

AUDUSD posted gains today reversing the downtrend to uptrend on the 4 hour chart. The pair was consolidating within a descending triangle which gives a bearish signal however the pair reversed the downtrend by breaking the falling resistance trend line. The pair is heading towards the resistance at .9377 from which the pair will find resistance. The nearest support the pair will find is at .9345. The pair is in the overbought zone on the stochastic oscillator so it might come down in future finding resistance. 

The surge in the single currency came after the RBA held the cash rate at a record low 2.5%. RBA Governor Glenn Stevens said that the exchange rate remains high by historical standards. Missed US trade data also supported the demand for AUD.