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AUDUSD : Strengthening But Still Seems Bearish

(AUDUSD : 4 Hour Chart)

AUDUSD regained some strength this weekend but still seems consolidating and might reverse this short term uptrend by breaking the support trend line shown in the 4 hour chart above. US dollar is currently support by the Friday Home Sales data which showed some recovery in the housing market. Although today there will not be much volatility in the market because of the holiday in U.K. and U.S. We might see some momentum in the pair tomorrow when market will resume. The 50 day moving average is moving downward below the 100 day and 200 day SMA showing a continuation of downtrend for a while thus these short term gains seems limited.