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    Technical analysis for the AUDUSD on 12.11.2015

    The AUDUSD broke strong resistance at 0.7070

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 155 pips Max. 0.7225
    Min. 0.7015

    audusd2

    Significant fundamental news (Employment Change) released in Australia at 03.30 am allowed bulls to break two strong resistance levels at 0.7070, 0.7125.

    Such development was a signal for further correction up, which had commenced from 0.7015 mark earlier. Potential growth target is situated at the upper border of the medium-term descending channel – level 0.7165.

    Despite rapid growth triggered by the breakout of two significant resistances, trading volumes form strong divergence. The test of the channel’s upper border at 0.7165 will most likely initiate the rebound down.

    Alternative scenario:  

    The breakout of the channel’s upper border at 0.7165 will allow bulls to correct the price even higher. Potential growth targets in this case will be found at 0.7200, 0.7225 resistance levels.

     

    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!

    The AUDUSD broke strong resistance at 0.7070

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 155 pips Max. 0.7225
    Min. 0.7015

    audusd2

    Significant fundamental news (Employment Change) released in Australia at 03.30 am allowed bulls to break two strong resistance levels at 0.7070, 0.7125.

    Such development was a signal for further correction up, which had commenced from 0.7015 mark earlier. Potential growth target is situated at the upper border of the medium-term descending channel – level 0.7165.

    Despite rapid growth triggered by the breakout of two significant resistances, trading volumes form strong divergence. The test of the channel’s upper border at 0.7165 will most likely initiate the rebound down.

    Alternative scenario:  

    The breakout of the channel’s upper border at 0.7165 will allow bulls to correct the price even higher. Potential growth targets in this case will be found at 0.7200, 0.7225 resistance levels.

     

    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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