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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 198322, member: 29339"] [B]AUD/USD and NZD/USD Target Additional Losses[/B] [IMG]https://i.postimg.cc/RFgm0Kdb/aud-22.jpg[/IMG] [B][I]AUD/USD started a fresh decline from well above the 0.7400 level. NZD/USD also declined below the 0.7020 and 0.7000 support levels.[/I] Important Takeaways for AUD/USD and NZD/USD[/B] [LIST] [*] [*]The Aussie Dollar started a major decline after it failed to clear 0.7440 against the US Dollar. [*]There is a major bearish trend line forming with resistance near 0.7365 on the hourly chart of AUD/USD. [*]NZD/USD also started a fresh decline from well above the 0.7050 level. [*]There was a break below a key contracting triangle with support near 0.7015 on the hourly chart of NZD/USD. [/LIST] [B]AUD/USD Technical Analysis[/B] [IMG]https://i.postimg.cc/5yjVQyk9/audusd-chart.png[/IMG] After struggling to clear the 0.7440 resistance, the Aussie Dollar started a major decline against the US Dollar. The AUD/USD pair broke the 0.7400 and 0.7380 support levels to move into a bearish zone. The pair even broke the 0.7350 support and the 50 hourly simple moving average. Recently, there was a recovery wave, but the pair failed to clear the 0.7400 resistance zone. It is now trading below the 0.7345 level and traded as low as 0.7332 on FXOpen. It is now consolidating losses above the 0.7335 level. An immediate resistance is near the 0.7355 level and the 50 hourly simple moving average. It is near the 38.2% Fib retracement level of the recent decline from the 0.7389 swing high to 0.7332 low. The next major resistance is near the 0.7360 level. It is close to the 50% Fib retracement level of the recent decline from the 0.7389 swing high to 0.7332 low. There is also a major bearish trend line forming with resistance near 0.7365 on the hourly chart of AUD/USD. To move into a positive zone, the pair must settle above 0.7360 and the 50 hourly SMA. An initial support on the downside is near the 0.7335 level. The next major support is near the 0.7320 level. If there is a downside break below the 0.7320 support, the pair could extend its decline towards the 0.7250 level. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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