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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 119999, member: 33464"] [SIZE=6][B]AUDUSD – Can Aussie Dollar Extend Downsides Below 0.7550?[/B][/SIZE] [SIZE=5][B]Key Highlights[/B][/SIZE] · The Aussie dollar recently struggled to settle above 0.7600 against the US Dollar, and moved down. · There was a monster bullish trend line on the 4-hours chart of AUDUSD, which was broken at 0.7570 to open the gates for more losses. · Today, the Australian Consumer Price Index released by the RBA and republished by the Australian Bureau of Statistics posted an increase of 0.5% in Q4 2016. · In terms of the yearly change, there was a rise of 1.5% in Q4 2016, compared with the +1.6% forecast. [SIZE=5][B]AUDUSD Technical Analysis[/B][/SIZE] The Aussie dollar after a massive upside move was seen struggling to hold above the 0.7600 level against the US Dollar. The AUDUSD moved down, and now may trade towards 0.7500. [IMG]https://titanfx.com/wp-content/uploads/2017/01/AUDUSD-01.25.2017-768x401.png[/IMG] During the downside move, the pair broke a monster bullish trend line on the 4-hours chart at 0.7570. If the break is real, there are chances of additional losses in the short term. The next support on the downside lies at the 50% Fib retracement level of the last wave from the 0.7448 low to 0.7608 high at 0.7528. However, there lies a chance of a complete test of 0.7500. On the upside, the pair may continue to face resistance near 0.7600. Only a daily close above 0.7600 could ignite further gains towards 0.7700 or 0.7800. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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