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    Technical analysis for the AUDUSD on 03.07.2015

    The AUDUSD has breached strong support at 0.7600

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 130 pips Max. 0.7700

    Min. 0.7500

    audusd2

    The fifth attempt turned out successful and bears managed to break below strong support of 0.7600. The reason for the breakout were negative fundamental data, released in Australia this morning at 04:30 am.

    Level 0.7600 is currently acting as a strong resistance. Moreover, this level is crossed by the upper border of the descending channel, which acts as additional resistance.

    Re-test of the 0.7600 mark will most likely trigger consolidation, followed by the rebound down and continuation of the downtrend – 0.7565, 0.7500.

    Alternative scenario: to turn the downtrend up, bull have to break resistance at 0.7600 and escape from the descending channel.

    Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!

    The AUDUSD has breached strong support at 0.7600

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 130 pips Max. 0.7700

    Min. 0.7500

    audusd2

    The fifth attempt turned out successful and bears managed to break below strong support of 0.7600. The reason for the breakout were negative fundamental data, released in Australia this morning at 04:30 am.

    Level 0.7600 is currently acting as a strong resistance. Moreover, this level is crossed by the upper border of the descending channel, which acts as additional resistance.

    Re-test of the 0.7600 mark will most likely trigger consolidation, followed by the rebound down and continuation of the downtrend – 0.7565, 0.7500.

    Alternative scenario: to turn the downtrend up, bull have to break resistance at 0.7600 and escape from the descending channel.

    Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!


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