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AUDUSD : Bearish Trend Emerging


Australian Dollar weakened against US dollar declining to two and half week lows. The losses came after the lower than expected inflation data from Australia. According to the report the Consumer Price Index rose .6% in March quarter 2014 following a rise of .8% in December quarter 2013. Economists were expecting the index to remain unchanged. The most significant price rise this quarter were for tobacco which was caused by the federal excise tax rise from 1 December 2013. The CPI rose 2.9% through the year ending March quarter 2014 through the year ending December quarter 2013.

On the 4 hour chart, the pair declined to almost two and half weeks low at .9270. If the pair continue to decline the pair may find the next support at .9253. The bullish trend in the pair has now turned to bearish as the pair fell below 50 day and 100 day SMA. On the stochastic oscillator the pair has now moved to the oversold zone so we should see some support to the pair.