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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 96048, member: 33464"] [SIZE=6][B]AUDUSD – Looking At Monster Resistance 0.7020-40[/B][/SIZE] [B]Key Highlights [/B] [FONT=Symbol]·[FONT=Times New Roman] [/FONT][/FONT]Australian Dollar managed to trade higher during the past couple of days against the US Dollar. [FONT=Symbol]·[FONT=Times New Roman] [/FONT][/FONT]AUDUSD pair is facing a tough test, as there is a monster resistance formed near 0.7020-40 looking at the daily chart. [FONT=Symbol]·[FONT=Times New Roman] [/FONT][/FONT]Today, the Australian Consumer Price Index released by the RBA and republished by the Australian Bureau of Statistics posted a reading of in 0.4% Q4, 2015. [FONT=Symbol]·[FONT=Times New Roman] [/FONT][/FONT]In terms of the yearly change, the Australian Consumer Price Index rose 1.7% in Q4, 2015, than the forecast of 1.6%. [B]AUDUSD Technical Analysis[/B] The AUDUSD pair after settling below the 0.7000 area found support near 0.6820. The pair is currently correcting higher, but facing several hurdles on the way up. [IMG]http://s16.postimg.org/ehzhflbv9/AUDUSD_01_27_2016.png[/IMG] The most important one is around the 0.7020-40 area, as can be seen in the daily chart. The pair is facing as a tough time in breaking it. A break above the highlighted resistance zone could ignite a rally towards the 50% Fib retracement level of the last drop from the 0.7326 high to 0.6824 low. On the other hand, a failure may send the pair back towards the 0.6940 levels where buyers might step in once again. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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