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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="SOLIDECN, post: 203174, member: 80239"] [HEADING=1][CENTER][B]AUD/USD[/B][/CENTER][/HEADING] [CENTER][B]The potential for further growth may be limited[/B][/CENTER] [HR][/HR] The AUD/USD pair has been showing upward trading dynamics since the beginning of this month and is currently testing the 0.7263 mark. [JUSTIFY] The strengthening of the position of the trading instrument was the result of rising commodity prices, as well as some easing of restrictions on Australian exports from China. In particular, Beijing adjusted quotes for the supply of wool from Australia by 5%, so next year producers will be able to increase the volume of production to 40K tons instead of the current 38K tons. This decision confirms the opinion of a number of Australian experts that China will not be able to completely abandon Australian raw materials, even in conditions of serious political tension. Further strengthening of the Australian currency remains in question, as the country is experiencing a serious surge in the incidence of coronavirus caused by the Omicron strain. The number of infected citizens is increasing, and many of them have to be isolated, which creates problems for doing business. The authorities even had to weaken the testing criteria in order not to exclude a sufficiently large number of Australians from economic life. Thus, further deterioration of the epidemiological situation may well lead to new quarantine restrictions in early 2022. As for the US currency, its position also does not look stable, since in the USA the incidence is growing at a record pace, which may lead to new economic restrictions. Today, investors are waiting for the publication of data from the labor market. In the event of a significant increase in the number of initial applications for unemployment benefits, the dollar may adjust downward, as it becomes clear that the Omicron strain has begun to put pressure on the American labor market. Support and resistance The key level for the "bulls" remains 0.7263 (Murray [3/8], Fibo retracement 50.0%), the breakout of which will give the prospect of further growth to 0.7325 (Murray [4/8], Fibo retracement 61.8%) and 0.7385 (Murray [5/8]). If the price is fixed below 0.7200 (Murray [2/8], Fibo retracement 38.2%), the decline will be able to resume in the area of 0.7140 (Murray [1/8]) and 0.7080 (Murray [0/8]). The indicators do not give a single signal: the Bollinger Bands are directed upwards, but the Stochastic leaves the overbought zone, forming a sell signal. Resistance levels: 0.7263, 0.7325, 0.7385 Support levels: 0.7200, 0.7140, 0.7080[/JUSTIFY] [/QUOTE]
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