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Technical Analysis
Technical & Fundamental Analysis on one of the Most traded pairs
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[QUOTE="Avinash, post: 26424, member: 14722"] [IMG]http://i39.tinypic.com/skujo3.jpg[/IMG] Attached is the AUDUSD 1 hour chart which continued to fall breaking the support level. From the chart, you can see that the Triangle (indicated by purple lines connecting the lower highs and higher lows) approximately at 1.0750 on 2nd March was broken testing new levels supported by downtrend channel (indicated by the red support line) approximately at 1.0697 on 5th March was broken which created a new support downtrend channel (indicated by the gold line) approximately at 1.6 levels were broken as market fell to nearly a low of 1.0509. AUDUSD sold off heavily from a 7 month high of 1.0855 to a 1 1/2 month low of 1.0500 which has been one of the high volatile pairs to trade as the Aussie has been affected by the US and Japan. The outlook still remains downwards until a resistance of 1.0650 is broken. [/QUOTE]
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