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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 94867, member: 33464"] [SIZE=6][B]AUDNZD Looks To Trade Higher[/B][/SIZE] [B]Key Highlights [/B] · Australian Dollar enjoyed decent gains against the New Zealand Dollar, and it looks set for a break higher. · There is a minor bearish trend line formed on the hourly chart of AUDNZD, which is acting as a resistance. · A break above the trend line resistance may take the pair towards the 1.0750 area. · Australian AIG Performance of Services Index released by the Australian Industry Group posted a minor decline from the last reading of 48.2 to 46.3 in December 2015. [B]AUDNZD Technical Analysis[/B] The AUDNZD pair gained recently and traded above the 1.0700 handle. There is a bullish trend line formed on the hourly chart, which provided support to the pair along with the 100 and 200 hourly simple moving average. [IMG]http://s2.postimg.org/ir437557t/AUDNZD_01_06_2016.png[/IMG] However, on the upside there is a bearish trend line, which is preventing gains. There was an attempt already to break it, but buyers failed. The hourly RSI is above the 50 level, which is an encouraging sign. If the pair corrects lower from the current levels, then there are many support areas on the way down, including the 50% Fib retracement level of the last wave from the 1.0658 low to 1.0727 high ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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