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Market View

AUDUSD Daily Technical View

Thursday, January 5, 2017 1:56 PM GMT

Overall the trend remains bearish as price is staying below our main moving averages like 21EMA and 55EMA. However, the immediate bias is bullish as price retraced on 0.7172 support level. Important upside resistances are at 0.73 (fibo level) and then 0.7385 (fibo level). A bearish rejection of 21EMA (red) or the first grey zone, could give selling opportunities.


In a closer look of hourly timeframe, price is following an upward channel. The area 0.724 – 0.7235 gives a decent short term support. If you are looking for another way to identify the current trend, you can have 200 SMA (blue) as trading bias guide. Possible bullish confirmation of those levels, it can give buying opportunities.


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