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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 201247, member: 29339"] [B][SIZE=5]AUD/USD and NZD/USD At Risk of More Downsides[/SIZE][/B] [img]https://i.postimg.cc/RhFzKKgy/AUD-2.jpg[/img] [B][I]AUD/USD started a fresh decline from well above the 0.7500 zone. NZD/USD accelerated lower and it is now consolidating near the 0.7080 zone.[/I] [SIZE=3]Important Takeaways for AUD/USD and NZD/USD[/SIZE][/B] [LIST] [*] The Aussie Dollar started a fresh decline from well above 0.7500 against the US Dollar. [*] There is a key bearish trend line forming with resistance near 0.7470 on the hourly chart of AUD/USD. [*] NZD/USD also declined after it failed to clear the 0.7200 resistance. [*] There is a major bearish trend line forming with resistance near 0.7160 on the hourly chart of NZD/USD. [/LIST] [B][SIZE=3]AUD/USD Technical Analysis[/SIZE][/B] The Aussie Dollar failed to stay above 0.7500 and started a major decline against the US Dollar. The AUD/USD pair broke the 0.7450 and 0.7420 support levels to move into a bearish zone. The pair even broke the 0.7400 support level and the 50 hourly simple moving average. The pair traded as low as 0.7378 on FXOpen and it is now consolidating losses. An immediate resistance is near the 0.7400 level. [B]AUD/USD Hourly Chart[/B] [img]https://i.postimg.cc/Tw28vnv1/AUDUSD-Chartx.jpg[/img] It is near the 23.6% Fib retracement level of the downward move from the 0.7470 swing high to 0.7378 low. The next major resistance is near the 0.7420 level. The 50% Fib retracement level of the downward move from the 0.7470 swing high to 0.7378 low is also near the 0.7420 level. A close above the 0.7420 level could start a steady increase in the near term. The next major resistance could be 0.7450. An initial support on the downside is near the 0.7380 level. The next major support is near the 0.7350 level. If there is a downside break below the 0.7350 support, the pair could extend its decline towards the 0.7320 level. The next major support is near 0.7300, below which the pair could accelerate lower in the near term. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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