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    AUD/USD: technical analysis on 21.10.2015

    On the daily chart, the price is trading just above the middle MA of Bollinger Bands. All moving averages EMA130, EMA65 and EMA13 are directed sideways, while indicator bands are narrowing indicating price consolidation. However, the longer-term descending trend has not been broken yet as the RSI failed its resistance at 70 mark earlier in the month. Both the RSI and Composite are approaching their trendlines so a short-term price reverse is likely within the next couple of days. In addition, the Composite starts diverging with the RSI and the price but indicators have not formed a clear signal yet. 

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