Sasha Singh
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AUDUSD : Will it Reverse or Continue Current Trend?

(AUDUSD : 4 Hour Chart)

AUDUSD seems like consolidating within an ascending triangle finding resistance at .9267 and support from the rising support trend line. Although an ascending triangle gives bullish signal but here it seems like the gains are limited. The pair might also reverse the trend by breaking the support trend line and follow downtrend. 

This can be inferred from the stochastic oscillator in which the %K line just crossed the %D line a change in trend. If looking at the moving averages we can see that the 100 day SMA and 200 day SMA are contracting towards each other and if the 100 day SMA crosses above the 200 day SMA it will give a bullish signal and the pair will break the resistance trend line and continue to follow the uptrend.

Key US Data coming out today may also provide some boost to US dollar if shows better than expected data so it would be better to look at the fundamental perspective also.

Durable goods orders : 8:30 AM EDT

Housing Price inflation : 9:00 AM EDT

Consumer Confidence Data : 10:00 AM EDT