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Forex Discussions
Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 118407, member: 33464"] [SIZE=6][B]AUDUSD – Aussie Dollar Formed Bottom Near 0.7160 Vs Dollar?[/B][/SIZE] [SIZE=5][B]Key Highlights[/B][/SIZE] · The Aussie dollar after getting rejected many times near 0.7160 against the US Dollar, traded higher. · The AUDUSD pair traded higher, and broke a bearish trend line at 0.7230 on the 4-hours chart. · It looks like the pair has formed a bottom near 0.7160, and may continue to move higher. · Today in Australia, the AiG Performance of Services Index released by the Australian Industry Group posted a rise from 51.1 to 57.7 in Nov 2016. [SIZE=5][B]AUDUSD Technical Analysis[/B][/SIZE] The Aussie dollar after trading lower against the US Dollar found support near 0.7150-60. The AUDUSD pair later started a recovery, broke a resistance at 0.7230, and now looks set for more gains. [IMG]https://titanfx.com/wp-content/uploads/2017/01/AUDUSD-01.05.2017-768x401.png[/IMG] As mentioned, there were many rejections near 0.7150-60, which later helped the pair in gaining bullish momentum. The pair surged higher, and broke a bearish trend line at 0.7230 on the 4-hours chart. Moreover, there was also a close above the 23.6% Fib retracement level of the last drop from the 0.7524 high to 0.7159 low. The pair at the moment, trying to settle above the 100 simple moving average (4-hours chart), which acted as a resistance near 0.7260-80. A close above it may call for a move towards the 50% Fib retracement level of the last drop from the 0.7524 high to 0.7159 low at 0.7299. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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