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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 88027, member: 33464"] [b]AUDUSD Poised For a Break[/b] [B]Key Highlights[/B] • Aussie Dollar after trading close to the 0.7400 area against the US Dollar found resistance and traded lower. • In the US, the retail sales published by the US Census Bureau posted an increase of 0.6% in July 2015, compared to the expectation of a 0.5% rise. • US Initial Jobless Claims released by the US Department of Labor posted a rise from the last reading of 270K to 274K. • US Import Price Index declined by 0.9% in July, less than the forecast. [B]AUDUSD Technical Analysis[/B] The AUDUSD pair recently traded close to the 0.7400 resistance area where it found sellers and moved lower. The worst part is that the pair is now trading below the 100 and 200 hourly simple moving average, which is a bearish sign. [IMG]http://s12.postimg.org/8nwukliml/AUDUSD_08_13_2015.png[/IMG] There is a triangle pattern formed, which awaits a break. The chance of a break lower is high, as the hourly RSI is below the 50 level and buyers are struggling to hold the ground. US Retail Sales Today, the US saw some key releases, including the retail sales report and the initial jobless claims. First, the US retail sales report measuring the total receipts of retail stores was published by the US Census Bureau. The market was expecting it to increase by 0.5% in July 2015, compared to the preceding month. However, the outcome was on better than the forecast, as the US retail sales rose 0.6%. However, the Core Retail Sales missed the mark, and posted an increase of 0.4%, lower compared with the forecast of 0.5%. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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