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AUDUSD : Bearish Trend Remain Intact, Eyes on US data

AUDUSD : Daily Chart

AUDUSD has made no progress up or down as it continues to trade sideways within the range of support at .8652 and resistance at .8832 on the daily chart. However the bias is towards the bearish breakout and we might see the pair declining below the support at .8652. The moving averages are also signaling a downtrend continuation as all are heading downward and 100 day SMA might cross below the 200 day SMA reflecting losses in Australian dollar.

AUDUSD : Hourly Chart

However on the hourly chart, the pair seems like following an ascending triangle trend according to which the pair should break above the resistance at .8811 which earlier tried to resist in rising further. If the pair is able to surge above this level, the next resistance it might find near .8835. However the strong demand for US dollar might pressurize the currency to decline below the rising support trend line. Let's see if US data ( upcoming Consumer Sentiment Data at 9:55 AM EDT ) is able to create this pressure or not as investors continues to look for strong data from US counterpart confirming growth in the economy.