Sasha Singh
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AUDUSD : Will it Continue or Reverse the Uptrend ?

AUDUSD is showing some significant moves. Although we can say that the Annual Budget report released yesterday still supported the pair. 

Channel Trend: On the hourly chart, the pair seems like following an upward sloping channel according to which the pair will find support and resistance from the support and resistance trend lines.

Moving Averages: If looking at the moving averages: 50 day and 100 day SMA, the 50 day is crossing the 100 day SMA to move in upward direction which also indicate that the pair will follow uptrend. .9389 might be acting as support for the pair preventing it to fall below this level. 


Upbeat US Data: However upbeat US PMI data might prevent the pair in rising up.Looking at the daily chart the pair is currently testing the resistance at .9394. If it breaks this resistance it might rise up to .9428. Also there is an ascending triangle which indicates the continuation of uptrend.Let's see if it breaches the resistance level or not. If not the pair will reverse the uptrend finding nearest support at .9315.