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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 108310, member: 33464"] [SIZE=6][B]AUDUSD – Aussie Dollar facing Significant Resistance At 0.7700[/B][/SIZE] [SIZE=5][B]Key Highlights [/B][/SIZE] · The Aussie dollar after trading as low as 0.7580 against the US Dollar started recovering. · There is a major bearish trend line waiting on the 4-hours chart of the AUDUSD pair to act as a resistance. · Today during the Asian session, the Australian Construction Work Done report was released by the Australian Bureau of Statistics. · It came in at -3.7% in Q2 2016, whereas the market was expecting a decline of 1.9%. [SIZE=5][B]AUDUSD Pair Technical Analysis[/B][/SIZE] The Aussie dollar after trading as high as 0.7750 against the US Dollar moved down. The AUDUSD pair is currently attempting to recover, but it may find resistance on the upside. [IMG]https://s14.postimg.org/40dzfsxbl/AUDUSD_08_24_2016.png[/IMG] On the upside, there are a couple of important hurdles. First, there is a major bearish trend line on the 4-hours chart of the AUDUSD pair. Moreover, the 61.8% Fib retracement level of the last drop from the 0.7749 high to 0.7583 low may also act as a resistance. On the downside, the most important hurdle is around the 200 simple moving average. Overall the pair may find sellers on the upside around the trend line where one may consider selling. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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