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

AUDUSD Showing a Bearish Trend

(AUDUSD : 4 Hour Chart)

AUDUSD is currently trading near the key support which is at .9328. Also seems like the pair is facing resistance from the falling resistance trend line. If the pair breaks below this level, a bearish outlook will emerge on this pair and the pair might continue to decline. However the pair currently seems supported as it rose from the support even after the upbeat US PMI data released today. Earlier the pair was also facing support from the 200 day SMA but this week it breached this support and fell down finding the next support at .9328. The descending triangle trend on the chart is showing a bearish outlook on the pair and according to it the pair should break below the above mentioned key support level.