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AUDUSD : Extending Losses After Better Than Expected CPI Data

AUDUSD slipped from the support trend line of the symmetrical triangle after the Reserve Bank of Australia meeting minutes released yesterday showed that the borrowing costs are likely to remain low for a long period as low borrowing cost is helping boost the domestic growth. However the US dollar remain support by the US Retail Sales data and Consumer Inflation data which came out to be slightly better than the economist’s expectation.

On the hourly chart, AUDUSD continued to decline after the release of US consumer inflation data breaking the previous support level at .9362. The pair should find the next support at .9347 and resistance at .9362.