AUD Selling Resumes

Looks like traders are selling spikes in AUDUSD. 

RBA was quite dovish during the last rate cut meet. Details [here] and [here]. But there are some good news as well. FDI inflow is confirmed to continue till next year. Mining & FDI has been major factor in AUD growth. Details [here] & [here].

AUDUSD Daily

Technically, price is carving out a triangle on daily chart and is currently at horizontal support level. This area has provided support at previous 2 down moves. I will be looking to open short position if this support gives in. 
I am of the view that price will continue to oscillate between the triangle boundaries as triangle is quite wide. 
On a longer term view, I will looking to add long positions near to triangle's lower trendline and short positions near triangle's upper trendline.


Update on 9-Oct-12: Price is bouncing from support area. Looks like that support will hold and price is moving towards 100MA & 200MA area. From the past few sessions, 100MA & 200MA are going hand in hand, so they might provide a good resistance.