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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 116848, member: 33464"] [SIZE=6][B]AUDUSD – Aussie Dollar Breaks Crucial Support Vs Dollar Post Fed Rate Hike[/B][/SIZE] [SIZE=5][B]Key Highlights [/B][/SIZE] · The Aussie dollar broke a crucial support area at 0.7450 against the US dollar to ignite a downside move. · There was a crucial bullish trend line formed on the 4-hours chart of AUDUSD, which was broken to open the doors for a bearish wave. · The Fed interest rate was announced yesterday in which the central bank decided to increase rates from 0.5% to 0.75% as expected. · Today in Australia, the Employment Change released by the Australian Bureau of Statistics posted a change of 39.1K in Nov 2016. · The Australian Unemployment Rate increased from 5.6% to 5.7% in Nov 2016. [SIZE=5][B]AUDUSD Technical Analysis[/B][/SIZE] The Aussie dollar was seen trading higher against the US Dollar, as it moved above the 0.7400 resistance. Later, the AUDUSD pair faced a monster resistance at 0.7520 and then the fed rate hike sparked a sharp downside move. [IMG]https://titanfx.com/wp-content/uploads/2016/12/AUDUSD-12.15.2016-768x401.png[/IMG] Looking at the 4-hours chart of AUDUSD, there was a crucial bullish trend line formed. It acted as a support on many occasions, but was broken after the fed interest rate decision. On the upside, there was a monster resistance formed near 0.7520 with a bearish trend line and the 200 simple moving average. It acted as a resistance and ignited a downside move. It looks like the AUDUSD pair has formed a downtrend with this break and may continue to move down. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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