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AUDUSD Still Supported From .8658, Cautious Ahead of RBA Statement

AUDUSD : 4 Hour Chart

AUDUSD as I previously mentioned in my blog, didn’t decline much and remain supported by the key support at .8658. Today it also posted some gains as US dollar locked gains reaching record high. On the 4 hour chart, we can see that the pair rose from the support at .8658 and most probably will find resistance from the falling resistance trend line. Strengthened expectations among investors about interest rate increase will also continue to cap the gains of Australian dollar. Overall the trend continues to be bearish and the pair is expected to decline breaking below the key support at .8656.

Fundamentally the rise came after the data showed that the job advertisements rose at the rate of .9%last month after an increase of 1.6% in August whose figure was revised from previously estimated reading of 1.5% gain.

AUDUSD : Daily Chart

On the daily chart, the pair is almost at the apex of the descending triangle and thus may decline any time. There is no data coming out today related to US however Reserve Bank of Australia today at 11:30 PM EDT will give guidance on monetary policy actions.