Sasha Singh
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AUDUSD : Consolidating Within Symmetrical Triangle, A Break Down is Expected !

AUDUSD : 4 Hour Chart

AUDUSD is trying to break down from the support trend line of the symmetrical triangle within which it is consolidating since October 13 on the 4 hour chart. Australian dollar weakened against US dollar as upbeat inflation data released yesterday continue to support US dollar. If it is able to break below the support trend line the next nearest support it will find at .8733. Also seems like the 100 day SMA is acting as support for the pair.

AUDUSD : Daily Chart

If looking at the daily chart, the bias seems towards the downside as the 100 day SMA is still contracting towards the 200 day SMA and might break below it signaling a downtrend continuation. Therefor the pair should continue to decline breaking below the symmetrical triangle.