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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 92685, member: 33464"] AUDUSD Is In Clear Uptrend? [B]Key Highlights [/B] · AUDUSD pair had a decent upside run this week, as the pair gained bids and traded higher. · The pair settled above an important resistance area on the 4-hours chart, suggesting that it is in an uptrend. · More gains are likely in the near term if buyers remain in action. · Australian Construction Work Done released by the Australian Bureau of Statistics posted a decline of 3.6% in Q3 2015, compared with the last decrease of 2.1%. [B]AUDUSD Technical Analysis[/B] The Aussie Dollar traded higher this week, and broke an important bearish trend line on the 4-hours chart. The best part is that the pair settled above the 200 and 100 simple moving average (4-hours) that ignited sharp gains. [IMG]http://s1.postimg.org/ome7pplrz/AUDUSD_11_25_2015.png[/IMG] Moreover, the AUDUSD pair also settled above the 61.8% Fib retracement level of the last move from the 0.7318 high to 0.7013 low, which is a sign that buyers are here to stay. It is likely that the pair may test the 76.4% Fib level at 0.7294 and might even head towards the last swing high of 0.7380 where sellers could take a stand and prevent gains. [B]Australian Construction Work Done [/B] Today, the Australian Construction Work Done, which measures the number of construction work done in the last month was reported by the Australian Bureau of Statistics. The market was expecting a decrease of 2.1% in Q3 2015, compared with the last increase of 2.1%. The outcome was disappointing, as the work done declined by 3.6%. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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