Sasha Singh
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AUDUSD : Bearish Trend May Emerge

(AUDUSD : 4 Hour Chart)

AUDUSD is declining today on the 4 hour chart and rose from the rising support trend line. The pair has fallen below the 50 day and 100 day SMA signaling some bearish trend. The losses came after the RBA Governor Glenn Stevens said that the currency is overvalued. He also said that the there is a probability that the currency might fall down significantly at some point which investors are currently underestimating. A separate data showed that the building approvals in Australia increased by 9.9% in May beating the economist’s expectations for a 3% rise.  Bearish comments from Glenn Steven might pull the pair down in future. However today’s trade depends on the US Non-Farm Payroll data coming out at 8:30 AM EDT.

On the 4 hour chart, the pair seems like consolidating within an ascending triangle which the pair tried to break out but again came back into the triangle. We might see some surge in the pair if Non-Farm payroll data beats the economists expectation however if it fails to meet the economist's expectation, we might see some more losses in the pair and it might break the support trend line and decline.