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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 88937, member: 33464"] [b]AUDUSD Trading at Critical Juncture[/b] [B]Key Highlights[/B] • Aussie Dollar after getting hammered against the US Dollar managed to gain bids around the 0.7080 support area. • AUDUSD recovered well, but facing an important resistance around the 0.7140 area. • In Australia, the AiG performance of the Mfg Index released by the Australian Industry Group registered a rise from the last reading of 50.4 to 51.7 in August 2015. • Chinese official non-manufacturing PMI, released by China Federation of Logistics and Purchasing (CFLP) decreased from the last reading of 53.9 to 53.4 in August 2015. [B]AUDUSD Technical Analysis[/B] The Aussie Dollar suffered losses recently against the US Dollar, as the AUDUSD pair traded close to the 0.7080 support area. There was a nice bullish reaction noted around the mentioned area which helped buyers to take the pair higher. [IMG]http://s4.postimg.org/kogeaycl9/AUDUSD_09_01_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. There were a couple of failures noted around the stated level, and the best part is the fact that the same trend line is aligned with the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last drop from the 0.7204 high to 0.7081 low is also around the trend line resistance area. In short, the 0.7140-50 can be seen as a major pivot area of the pair moving ahead. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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