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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 88573, member: 33464"] [b]AUDUSD – Can it Retain Bids?[/b] Key Highlights • The Aussie Dollar was crushed during the recent volatility in the Forex market with the US Dollar gaining against a few major currencies. • AUDUSD traded towards 0.70 where it found buyers for a push higher. • Conference Board Australia leading Index released by the Conference Board declined by 0.2% in June 2015, compared with the last increase of 0.2%. • Conference Board LEI for China increased by 0.9% in July 2015, compared with the last increase of 0.6% (revised). AUDUSD Technical Analysis The Aussie Dollar tumbled against the US dollar yesterday, and traded as low as 0.7030 where buyers appeared to prevent additional losses. There was a sharp reaction towards the upside, as the AUDUSD pair traded higher and broke the 50% Fib retracement level of the last drop from the 0.7357 high to 0.7030 low. [IMG]http://s9.postimg.org/y204vxcb3/AUDUSD_08_25_2015.png[/IMG] There is a bearish trend line formed on the hourly chart of the AUDUSD pair, which is acting as a hurdle for buyers. The best part is that the same trend line is positioned with the 100 and 200 hourly simple moving averages. So, there is a monster resistance formed around 0.7350. On the downside, an initial support can be seen around 0.7200, followed by the 0.7140 area. Any additional weakness could take the pair towards the last low of 0.7030. ------------------------------------------- [B][B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B][/B] [/QUOTE]
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