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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 122698, member: 33464"] [SIZE=6][B]AUDUSD - Aussie Dollar Broke Crucial Support Vs US Dollar[/B][/SIZE] [SIZE=5][B]Key Highlights[/B][/SIZE] · The Aussie dollar remained below 0.7700 against the US Dollar, and broke 0.7670. · The AUDUSD pair moved below a monster support area at 0.7670, formed with two bullish trend lines on the 4-hours chart. · Today in Australia, the Gross Domestic Product for Q4 2016 released by the Australian Bureau of Statistics posted an increase of 1.1%. · The yearly change in the GDP was 2.4%, better than the forecast of 1.9%. [SIZE=5][B]AUDUSD Technical Analysis[/B][/SIZE] The Aussie dollar struggled to trade above 0.7700 against the US Dollar, and it looks like the AUDUSD pair settled below a crucial juncture with support at 0.7670. [IMG]https://titanfx.com/wp-content/uploads/2017/03/AUDUSD-03.01.2017-768x401.png[/IMG] There was a monster support confluence area formed near 0.7670. There were two bullish trend lines at 0.7665 on the 4-hours chart. Plus, the 100 simple moving average was aligned with the trend lines at 0.7670. The highlighted support area clearly was very important. A break and close below 0.7670 has opened the doors for further declines in AUDUSD. The same broken support at 0.7670 may now act as a resistance in the short term. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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