Sasha Singh
All posts from Sasha Singh
Sasha Singh in Sasha Singh,

AUDUSD : Bearish Trend Remain Intact

AUDUSD : Hourly Chart

Australian dollar extended losses yesterday after the release of downbeat housing finance data for August which showed that the housing finance fell by .9% which economists were expecting to rise by .2%. On the hourly chart, the pair declined from the falling resistance trend line and found support at .8703 from which it rose today. According to the trend and the strong US counterpart, the pair might break below this support confirming the bearish trend.

AUDUSD : Daily Chart

On the daily, we can see that the pair is testing the key support at .8682 and following a sideways pattern but the bearish trend still persists.According to the moving average pattern, it might continue to decline breaking below the key support at .8682.

AUDUSD : Weekly Chart

On the weekly chart, the pair has started following a falling wedge pattern which gives a bullish signal but before recovering losses the pair will continue to extend losses until it reaches the apex of the wedge. Currently it is just the beginning of the wedge trend, and therefore there are chances that it might fade away. So for now let's just focus on the support and the resistance levels within the wedge before expecting a hike.