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    Technical analysis for the AUD/USD – 02.11.2015

    Previous forecasts, expecting the price to break support at 0.7200/0.7170 came true. The price fell to targets at 0.7080/70 and is now consolidating within the range of 0.7170-0.7080/70. Indicators suggest dominating bearish potential – both MACD and R% are turned up, SS is oversold, which means that we can consider the previous pullback as correction and expect the price to recommence its decline. Clear descending channel (blue lines) is seen on the chart. As long as the trend line of this inclined corridor remains intact, bearish potential will preserve. The breakout of 0.7080/70 support will be a signal for the development of another bearish trend with the first target at 0.6940/05 support and then at the new low of 0.6840/30. Growth above 0.7250 will cancel these expectations.

    AUD021115

     

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

    Previous forecasts, expecting the price to break support at 0.7200/0.7170 came true. The price fell to targets at 0.7080/70 and is now consolidating within the range of 0.7170-0.7080/70. Indicators suggest dominating bearish potential – both MACD and R% are turned up, SS is oversold, which means that we can consider the previous pullback as correction and expect the price to recommence its decline. Clear descending channel (blue lines) is seen on the chart. As long as the trend line of this inclined corridor remains intact, bearish potential will preserve. The breakout of 0.7080/70 support will be a signal for the development of another bearish trend with the first target at 0.6940/05 support and then at the new low of 0.6840/30. Growth above 0.7250 will cancel these expectations.

    AUD021115

     

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



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