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Technical Analysis
Capital Trust Markets Daily Market Commentary
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[QUOTE="CapitalTrustMarkets, post: 63590, member: 30235"] [b]AUD/USD Survives Key Support Area As Buyers Emerge[/b] [B]Market Sentiment[/B]: [COLOR="DarkGreen"]Bullish[/COLOR] [B]Key Takeaways [/B] • Bullish inside bar breakout hints at strong buying interest • The pair holds off key support area • A break below 0.9202 will validate the double top pattern The [URL="http://capitaltrustmarkets.com/audusd-survives-key-support-area-buyers-emerge"]Australian Dollar[/URL] (AUD) extended upside movement against the US Dollar (USD) on Tuesday, increasing the price of AUD/USD to more than 0.9250. The pair survived the key support area and printed Higher Low (HL) on the daily chart, confirming the bullish sentiment in the long run. [B]Technical Analysis [/B] As of this writing, the pair is being traded near 0.9255. A hurdle may be noted around 0.9277, the 23.6% fib level ahead of 0.9409, the swing high of the last upside rally. A break above the 0.9409-61 resistance area will invalidate the double top pattern which emerged on the daily chart this month. [IMG]https://charts.mql5.com/4/811/audusd-d1-capital-trust-markets.png[/IMG] On the downside, the pair is expected to find a support near 0.9202, the swing low of the previous wave as demonstrated in the above chart. A break below the 0.9202 support area—the neckline of the double top patter—will confirm the validity of the price pattern, exposing a deeper correction below the 0.9000 handle. [B]Fed Manufacturing Index [/B] The Federal Reserve of Richmond is due to release the Fed Manufacturing Index on Tuesday. According to the average forecast of various economists, the manufacturing activity declined to 5 points in May as compared to 7 points in the month before, better than expected actual outcome will be seen as bearish for AUD/USD and vice versa [B]Trade Ideas [/B] Buying the pair near the swing low of the recent downward move appears to be a good strategy, a tight stop should be placed just below the 0.9202 support area. Not to mention, always use proper risk/reward ratio to optimize your profits. [/QUOTE]
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