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AUDUSD : Bearish Trend Persist !!

Australian Dollar is today trading lower against US Dollar after the release of the downbeat Australian data. A report on business confidence by National Australia Bank shows that the business confidence fell down from a reading of 8 to 6 in the first quarter in the three months period to December. On the other hand the demand for greenback remain supported by the hawkish comments from Yellen. She said the risks of low consumer prices outweighed those of high inflation. However she also added that the bank is expecting the unemployment rate to fall to between 5.2% and 5.6% by the end of 2016.

On the hourly chart, AUDUSD again fell down below the 50 day SMA and 200 day SMA showing the persistent bearish trend. The pair found support at .9338 and rose to find resistance at .9346. According to the bearish trend continuation the pair might break the support trend line. However for now the US Unemployment data coming out at 8:30 AM EDT might change the direction of the pair. But overall the trend seems bearish to me.