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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="SOLIDECN, post: 203509, member: 80239"] [HEADING=1][CENTER]AUD/USD[/CENTER][/HEADING] [CENTER]Positive statistics support the instrument[/CENTER] [HR][/HR] [JUSTIFY][B]Current trend[/B] The AUD/USD pair trades above the level of 0.7158, supported by the macroeconomic statistics. Thus, the number of preliminary building permits in Australia rose by 3.6%, despite the forecast of 3.2%. The previous value was revised downward to –13.6%. Investors expect the November retail sales data to be released tomorrow at 02:30 (GMT+2). According to forecasts, it will amount to 3.9%. Positive economic data from Australia temporarily restrain the trading instrument from further decline, leaving a chance for the "bulls" to break through the level of 0.7265. Additional support to the asset was provided by publishing data on the US labor market last Friday. December Nonfarm Payrolls amounted to 199K against the forecast of 400K, but the previous figure was corrected upward from 210K to 249K. Unemployment decreased again and amounted to 3.9%, although analysts had forecast a decline of 0.1% to 4.1%. On the other hand, Australia is starting to vaccinate children aged 5–12 years after the number of infections increased significantly on New Year's holidays, exceeding 116K cases per day. The virus forces Queensland to postpone its annual school reopening by a month until early February. The epidemiological situation is worsening, although politicians cite positive scientific studies on the effect of the Omicron strain on mortality to maintain optimism. For a while, it may support buyers of the Australian dollar, but given the planned rate hikes by the US Federal Reserve in 2022, the pair's growth looks limited. [B]Support and resistance[/B] The long-term trend is downwards. In December, the pair gained support at 0.6995, after which it started an upward correction, within which it tested the resistance level of 0.7265. If this level is held, the fall will continue with the target at the December low. The medium-term trend is upwards towards the target zone 2 (0.7329–0.7313). Last week, the price corrected, approaching the key support for the trend around 0.7117–0.7101. After the test of key support, it is worth opening long positions. Resistance levels: 0.7265, 0.7457, 0.7541. Support levels: 0.7158, 0.6995, 0.6830.[/JUSTIFY] [ATTACH]19836[/ATTACH][ATTACH]19837[/ATTACH] [/QUOTE]
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