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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 122182, member: 33464"] [SIZE=6][B]AUDUSD – Aussie Dollar At Risk of Further Downsides?[/B][/SIZE] [SIZE=5][B]Key Highlights[/B][/SIZE] · The Aussie dollar recently broke a major support at 0.7680 against the US Dollar. · There was a bullish trend line break at 0.7685 on the 4-hours chart of AUDUSD, which has opened the doors for more declines. · In Australia, the Wage Price Index (Q4 2016) released by the Australian Bureau of Statistics, posted an increase of 0.5%, compared with the +0.5% forecast. · Today, the US Existing Home Sales for Jan 2017 will be released by the National Association of Realtors, forecast +1% vs the -2.8% previous. [SIZE=5][B]AUDUSD Technical Analysis[/B][/SIZE] The Aussie dollar looks like made a short-term top near 0.7730 against the US Dollar. The AUDUSD pair is now below 0.7700 and looks set for further downsides. [IMG]https://titanfx.com/wp-content/uploads/2017/02/AUDUSD-02.22.2017-768x401.png[/IMG] After trading as high as 0.7731, the pair moved down, and broke a bullish trend line break at 0.7685 on the 4-hours chart. The pair was also able to clear the 38.2% Fib retracement level of the last wave from the 0.7605 low to 0.7731 high. So, it looks like the pair is heading further lower, and may test a bullish trend line at 0.7640. The trend line also coincides with the 100 simple moving average (H4). The Aussie dollar buyers might attempt to prevent the 0.7640-20 support area. But, if they fail, there can be a push below the trend line support for a complete test of the 0.7600 handle. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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