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Technical Analysis
Technical & Fundamental Analysis on one of the Most traded pairs
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[QUOTE="Avinash, post: 26358, member: 14722"] [IMG]http://i44.tinypic.com/25uksyf.jpg[/IMG] Above shown is Aussie against the dollar in an hourly chart. AUDUSD has been in an uptrend and strengthened against the dollar. There are are many reasons for Aussie to be stronger than the dollar such as higher commodity prices which are related with the rise in Aussie as being as one of the exporters of the commodities it produces, banks using a chunk of funds for carry trade- a trade in which low cost fund is deployed in assets with higher yields and weakening of dollar has been some of the important causes affecting a rise in prices against the dollar. Technical Analysis on AUDUSD on 1 hourly chart attached is as follows: Lower Purple trend line where you connect the higher lows becomes the support for uptrend and Higher purple line where you connect the lower highs becomes the resistance as both the purple lines meet to form a triangle which had been broken giving confirmation that market falls further. The red parallel line shows a downtrend until any line is broken for confirmation. Currently support for AUDUSD remains at 1.0700 breaking the red line. When entering a trade make sure a new hourly candle is below the support line as a confirmation for selling to lower levels [/QUOTE]
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