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AUDUSD : Bearish in Long Term


AUDUSD : Daily Chart

Australian dollar showed some strength today trimming its losses on the daily chart. There is a key support at .9328 from which the pair broke out but the gains seems limited as there is also a resistance trend line which might resist the pair to move up as it resisted earlier also. However overall the trend seems bearish as the pair seems consolidating within the descending triangle trend.

AUDUSD : 4 Hour Chart

On the 4 hour chart, the pair continue to face resistance from the rising resistance trend line whereas it tried to break below the rising support trend line 2-3 times but currently trading within this range. It is showing an uptrend on the 4 hour chart but downtrend on the daily chart so the gains are limited and for short term only. To confirm the bearish trend, it has to decline below the key support at .9245.