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AUDUSD got hit by Trade Data, Dollar Strengthening Ahead of ADP Data

(AUDUSD : 4 Hour Chart)

AUDUSD surged on Tuesday after the RBA statement breaking the resistance of the ascending triangle but it trimmed its gains after the downbeat trade data came out. Official data showed that the Australia’s trade deficit widened to A$1.91 billion in May from the reading of A$.78 billion in April. Economists were expecting the trade deficit to narrow down to A$.12 billion. The resistance at .9442 should now act as support for the pair. The direction of the movement of moving averages is signaling that the pair will continue to follow this trend. If the pair breaks below this resistance the nearest support level it will find are at .9429 and .9410. US dollar seems like gaining strength ahead of the ADP Non-farm employment change. 

However more important is the Non-farm employment change data releasing tomorrow by the Bureau of Labor Statistics, but today’s ADP data might also bring some change to US dollar. Economists are expecting economy to add 207K. If the data beats the economist's expectation AUDUSD is going to decline.