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AUDUSD Trims Losses, Back To Previous Highs

AUDUSD : 4 Hour Chart

AUDUSD has trimmed all its losses which came after the RBA statement release as the upbeat Australian economic data showed that Australia’s gross domestic product expanded by .5% in the second quarter, exceeding the economist’s expectations for .4% growth. On a year on year basis, Australia’s economy grew 3.1% in three months in April, beating the economist’s expectations for 3% growth. On the 4 hour chart, the pair is currently testing the previous resistance at .9344 and might decline from this level. However it might also find support from .9328 if it declines. If the pair continues to rise the next resistance level would be at .9362 which pair tested before also.

AUDUSD : Daily Chart

On the daily chart, the pair seems bearish as it seems consolidating within a descending triangle which gives bearish signal and might decline by breaking the support at .9260. For now the pair will find resistance from the resistance trend line of the triangle and decline. Breaking above the falling trend line will fade away the bearish trend for a while and the pair might reverse the downtrend to uptrend. If it continues to consolidate, bearish trend is confirmed.