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AUDUSD : Losses Seems Limited, Pair Might Recover

AUDUSD recovered from some of its losses after the release of Retail Sales data. According to the official data the retail sales increased by .6% in June beating the economist’s expectation for an increase of .4%. A separate report showed that the job advertisements in Australia increased by .3% in July, after a 4.4% increase in May. US dollar is still under pressure after the release of the downbeat Non-farm payroll data which eased the speculation that the Fed might increase the rate earlier than scheduled.

AUDUSD : 4 Hour Chart

On the 4 hour chart, the pair found support at .9274 and rose. However after rising it found resistance at .9328. The 50 day SMA also crossed below the 100 day SMA signaling a continuation of downtrend. If it breaks above the resistance at .9328 the next resistance it may find will be at .9354.

AUDUSD : Daily Chart

If looking at the daily chart, we can see that the 50 day SMA and 100 day SMA are still heading in the same upward direction signaling an upward continuation. So seems like the downtrend which we saw in the 4 hour chart is limited and the pair should recover the losses and continue to rise. However the next nearest support on the daily chart is at .9226 if the pair declines below the support at .9274.