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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 80880, member: 33464"] [b]AUDUSD Eyeing A Short Term Break[/b] [B][I]Key Highlights[/I][/B] • Aussie dollar was seen trading lower against the US dollar, but there is a hope of a correction. • Today, the Australian trade balance report was released by the Australian Bureau of Statistics, which posted a trade deficit of -1,256M in February 2015, compared to the forecast of -1,300M. • AUDUSD correcting higher and testing an important swing resistance area. [B][I]Technical Analysis[/I][/B] The AUDUSD pair recently traded a touch below the 0.7580 support area, and after releases during the Asian session making an attempt to correct higher. However, it faces a crucial resistance in the form of a bearish trend line on the hourly chart. The highlighted trend line is currently around the 0.7600 handle. So, we can say that if the AUDUSD pair manages to clear the stated level, then there is a chance of it correcting higher in the short term. The hourly RSI is below the 50 level and moving towards it, which means a double break is possible moving ahead. [IMG]http://s22.postimg.org/iup0gairl/AUDUSD_04_02_2015.png[/IMG] A break higher could easily take the pair towards the 23.6% fib retracement level of the last drop from the 0.7883 high to 0.7568 low. On the downside, the last low of 0.7568 remains a pivot area for the pair moving ahead. Australian Trade Balance ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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