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AUDUSD : Demand for US Dollar Continues to be Supported

AUDUSD weakened against US dollar today and currently testing the key support at .9331 which earlier also acted as support and resistance for the pair. The losses came despite of the positive Australian Jobs data. Seems like the demand for US dollar continue to be supported by optimism over the strength of U.S. economic recovery.The official data showed that the job advertisements in Australia rose by 1.5% in August after an increase of .5%.

AUDUSD : Daily Chart

On the daily chart the pair seems to be trading within a rising channel pattern and testing the first key support at .9331. If it continues to decline below this support level the next support level it will find from .9275 or from the rising support trend line of the channel.

AUDUSD : 4 Hour Chart

On the 4 hour chart, if the pair breaks below all the SMAs it might again extend losses and fall to next support level at .9275. The pair will confirm the bearish trend only after a decline below the support at .9244 otherwise the pair will revive from any of the above mentioned support level.