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Technical Analysis
Technical & Fundamental Analysis on one of the Most traded pairs
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[QUOTE="Avinash, post: 26393, member: 14722"] [IMG]http://i44.tinypic.com/25uksyf.jpg[/IMG] We had a confirmation for the downtrend both in technicals and fundamentals. [U][B]Technical view:[/B][/U]- Before on AUDUSD the downtrend had been supported by the red trend support lines and as expected if the support line is broken we can expect a further decline in AUDUSD at least somewhere above 1.06 levels. [B][U]Fundamental view:[/U][/B]- AUDUSD fell to a low 1.0602 as 1.06 acting as a support level on risk aversion as equities extend indicating China's growth concern. The Aussie had been pressured as the Reserve Bank of Australia kept the interest rates unchanged moreover kept the rate open for rate cuts in the future. If the RBA decides to cut the interest rates then they would be ignoring the growth aspects and would be looking forward to counter inflation. [IMG]http://i42.tinypic.com/33lij3o.jpg[/IMG] Attached is the chart is an hourly chart of AUDUSD after breaking the support level and falling to just above 1.06 levels due to the technical interpretation supported by fundamental outlook. [/QUOTE]
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