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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 110529, member: 33464"] [B][I]AUDJPY – Aussie Dollar Remain Range Bound Vs Japanese Yen [/I] Key Highlights [/B] • The Aussie dollar after dropping towards 76.00 against the Japanese yen recovered. • However, the AUDJPY pair remained in a range formed on the 4-hours chart. • In Australia, there was a speech by the RBA Assist Gov Edey, which made no major impact on the AUD. • In China, the MNI China Business Sentiment Indicator was released, which posted a stable outlook for Sep 2016. [B]AUDJPY Technical Analysis[/B] The Aussie dollar after trading as high as 79.13 against the Japanese yen started a downtrend until it found support near 76.00. The AUDJPY pair is currently recovering, but remains range bound. [IMG]https://titanfx.com/wp-content/uploads/2016/09/AUDJPY-09.28.2016-1-768x401.png[/IMG] As it can be seen in the 4-hours chart of AUDJPY, there is a range pattern formed. On the upside, an important range resistance is near 77.40. Both the 100 and 200 simple moving averages are positioned near it. Moreover, the 50% Fib retracement level of the last drop from the 79.13 high to 75.97 low is also around the same range resistance. So, it won’t be easy for the Aussie dollar buyers to break it. On the downside, the 76.00 handle is providing strong bids. Until there is a break in AUDJPY, we may continue to see range moves. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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