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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="SOLIDECN, post: 203671, member: 80239"] [HEADING=1]AUDUSD Technical Analysis by Solid ECN Securities[/HEADING] [HR][/HR] [HEADING=2]The instrument is correcting at the end of the week[/HEADING] [HEADING=3]Current trend[/HEADING] The Australian dollar shows mixed trading dynamics against the US dollar during the Asian session, correcting after strong growth at the beginning of the week, which led to the renewal of local highs from November 16. The pressure on AUD/USD is exerted by technical factors, as well as by the oversold US currency in almost the entire spectrum of the market. In turn, the instrument is supported by optimistic data from Australia and China. Home Loans in Australia increased by 7.6% in November after falling by 4.1% in October. Analysts expected zero dynamics. The Investment Lending for Homes over the same period also increased from 1.1% to 3.8%. Data from China showed stronger export growth in December: 20.9% against the expected 20.0%. Together with a slowdown in import dynamics from 31.7% to 19.5%, this led to a significant increase in the trade balance in December from 71.72B to 94.46B dollars. [HEADING=3]Support and resistance[/HEADING] Bollinger Bands in D1 chart show moderate growth. The price range expands from above, freeing a path to new local highs for the "bulls". MACD indicator is growing, while preserving a rather stable buy signal (located above the signal line). Stochastic keeps its upward direction but is approaching its highs rapidly, which reflects risks of the overbought instrument in the ultra-short term. Resistance levels: 0.7300, 0.7328, 0.7369, 0.7408. Support levels: 0.7250, 0.7200, 0.7160, 0.7128. [ATTACH]19889[/ATTACH][ATTACH]19890[/ATTACH] [/QUOTE]
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