Sasha Singh
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AUDUSD : Gains Seems Limited

(AUDUSD : Hourly Chart)

AUD seems to be edging higher against US Dollar today, but the gains are expected to remain limited because of the Chinese manufacturing data released yesterday still weighs on the currency. Before the Chinese Flash manufacturing PMI came out the pair was trading within an upward sloping channel which it broke from the support trend line after the weak Chinese data came out. China is Australia’s biggest exporter.The pair however found support at .9048 and recovered from losses again trading within a very narrow uptrend channel as seen on the hourly chart.

(AUDUSD : Daily Chart)

 It should find the resistance at .9136 and move downward as if we see on the daily chart it seems like is trading within an ascending triangle. So in my opinion the pair might reverse the uptrend to downtrend by breaking the support trend line of the ascending triangle.