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Forex Discussions
Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 97517, member: 33464"] [SIZE=6][B]AUDUSD Looks Poised For More Losses[/B][/SIZE] [B]Key Highlights [/B] · Aussie Dollar after making a short-term high against the US Dollar at 0.7258 moved lower. · There were a couple of support trend lines on the hourly chart, which were broken to take the AUDUSD pair down. · Australia’s Construction Work Done released by the Australian Bureau of Statistics posted a decline of 3.6% in Q4 2015, compared with the forecast of -2%. · Australia’s Wage Price Index posted a rise of 2.2% in Q4 2015, less than the forecast of +2.3%. [B]AUDUSD Technical Analysis[/B] The Aussie Dollar after a decent run against the US Dollar found resistance near 0.7250-60, and started to move down. There were a couple of support trend lines on the hourly chart, which were broken to open the doors for a downside move. [IMG]http://s8.postimg.org/bzidsi2k5/AUDUSD_02_24_2016.png[/IMG] On the downside, the 100 hourly simple moving average can be seen as a support area, followed by the 200 SMA. Any further losses may take the AUDUSD pair towards the 0.7100 support area. On the upside, the broken trend lines might act as a resistance and prevent the upside move in the short term. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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