Sasha Singh
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AUDUSD : Confirmed Bearish Trend

AUDUSD : Daily Chart

AUDUSD today posted huge losses after the release of downbeat Consumer Sentiment data whereas on the other hand demand for US dollar continues to weigh on the pair by the early rate hike expectations. The Westpac Banking Corporation showed that the consumer sentiment in Australia declined by 4.6% this month after a 3.8% rise in August.

On the daily chart, the pair was following a descending triangle pattern prior to the break down. It declined below the key support area at .9209 and currently testing support at .9137. If the pair continues to decline the next nearest support it will find at .9083 or at .8990. The 50 day SMA contracting towards the 100 day SMA is also signaling a downtrend continuation. The pair has also fallen below the 200 day SMA and might continue to decline for a while.

In my opinion the pair will continue to decline until upcoming US data (Unemployment Claims, Retail Sales, Consumer Sentiment) fails to beat the economist's expectations.