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AUDUSD : Regained a Little But Still Seems Bearish

(AUDUSD : 4 Hour Chart)

AUDUSD regained its strength against US dollar today after the Reserve Bank of Australia kept its cash rate steady at a record low level of 2.5% as anticipated. Bank said that the monetary policy is still accommodative to improve the economic growth and inflation. The pair also found some support from the positive retail sales and current account data. The retail sales in Australia increased by .2% whereas the current account deficit narrowed to A$5.7 billion better than the economist’s expectation for a decrease to A$7 billion deficit.

On the 4 hout chart, the pair still seems to be bearish as 100 day SMA is moving below the 200 day SMA. The pair found resistance from .9273 and fell back. Currently the pair is testing the support from the 50 day SMA. Most likely the pair is going to decline finding support at .9228 or at .9209. Also seems like the pair is following a downward sloping channel trend and should find support & resistance from the support and resistance trend line of the channel.