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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 89289, member: 33464"] [b]AUDUSD - Aussie Dollar at Clear Risk of a Break[/b] [B]Key Highlights[/B] • Aussie Dollar after trading near the 0.6900 support area against the US Dollar managed to gain buyers. • AUDUSD is currently making an attempt to trade higher and looks poised for a break. • Australian National Australia Bank Business Confidence posted a decline from the last reading of 4 to 1 in August 2015. • Chinese Trade Balance released by the General Administration of Customs of the People’s Republic of China posted a trade surplus of $60.24B in August 2015, more than the forecast. [B]AUDUSD Technical Analysis[/B] The AUDUSD pair recently fell close to the 0.6900 level after it broke an important support area of 0.7000. The pair is currently making an attempt to trade higher, but facing a major hurdle around 0.6980. There are a couple of bearish trend lines coinciding around the stated level. [IMG]http://s11.postimg.org/oektky78j/AUDUSD_09_08_2015.png[/IMG] Moreover, the 61.8% Fib retracement level of the last drop from the 0.7012 high to 0.6908 low is also positioned around the highlighted trend line. In short, there is a monster resistance around 0.6980 and buyers might struggle to clear it. A failure could ignite a downside reaction moving ahead in AUDUSD. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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