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AUDUSD Trading Near Key Resistance

(AUDUSD : 4 Hour Chart)

AUDUSD today surging after the downbeat US CPI data. The pair started rising after the Reserve Bank of Australia Governor Glenn Stevens said that he is happy with the current monetary policy and is ready to do more if needed. Earlier the AUD came under pressure when he warned that the investors might be underestimating the risk of a significant decline in the currency. The pair again added gains after the release of downbeat US CPI data pushing the pair up to the resistance level at .9409. On the 4 hour chart, there is a rising support trend line also which is showing that the pair is supported and will prevent the pair to decline below it.

AUDUSD : Daily Chart

On the daily chart, the pair seems trading sideways within a range of resistance at .9424 and support at .9327. If the pair breaks the resistance at .9424, it will find the next resistance at .9493. It will give a bullish confirmation once the pair breaks above the resistance at .9493.

However if the pair decline below the .9327 the next nearest support would be at .9287. There also seems a rising support trend line which is signaling that AUDUSD is going to break the resistance at .9424 one more time.