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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 203872, member: 29339"] [B][SIZE=5]AUD/USD and NZD/USD Remain At Risk[/SIZE][/B] [img]https://i.postimg.cc/Fzq9GRx9/AUD-3.jpg[/img] [B][I]AUD/USD started a fresh decline from the 0.7275 zone. NZD/USD is also declining and there is a risk of a move below the 0.6720 support.[/I] [SIZE=3]Important Takeaways for AUD/USD and NZD/USD[/SIZE][/B] [LIST] [*] The Aussie Dollar started another decline from well above the 0.7250 level against the US Dollar. [*] There was a break below a key bullish trend line with support near 0.7200 on the hourly chart of AUD/USD. [*] NZD/USD also declined sharply below the 0.6750 support zone. [*] There is a connecting bearish trend line forming with resistance near 0.6790 on the hourly chart of NZD/USD. [/LIST] [B][SIZE=3]AUD/USD Technical Analysis[/SIZE][/B] The Aussie Dollar struggled to clear the 0.7275 level against the US Dollar. The AUD/USD pair started a fresh decline below the 0.7250 support level to move into a bearish zone. The bears were able to push the pair below the 50% Fib retracement level of the upward move from the 0.7170 swing low to 0.7275 high (formed on FXOpen). Besides, there was a break below a key bullish trend line with support near 0.7200 on the hourly chart of AUD/USD. [B]AUD/USD Hourly Chart[/B] [img]https://i.postimg.cc/DfYy7j3t/AUDUSD-Chart-1x.jpg[/img] The pair settled below the 0.7220 support level and the 50 hourly simple moving average. It is now consolidating near the 0.7185 level. The 76.4% Fib retracement level of the upward move from the 0.7170 swing low to 0.7275 high is also protecting losses. On the downside, an initial support is near the 0.7170 level. If there is a downside break below the 0.7170 support, the pair could extend its decline towards the 0.7125 level. Any more downsides might send the pair toward the 0.7100 level. On the upside, the pair is facing resistance near the 0.7210 level. The next major resistance is near the 0.7240 level. A close above the 0.7240 level could start a steady increase in the near term. The next major resistance could be 0.7300. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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