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1/15/2016 2:10:51 AM

GBP/USD parks at a pivotal support - Technical Analysis - 15-01-2016



AUD/USD kept falling in the short term and intraday levels trading, with the pair affected by the previous forming of a negative pattern that is complimentary to the long-term downward trend, the Symmetrical Triangle patter, as shown in the attached chart. The pair then leaned on the crucial support of 0.6910, amid the continuing negative pressure from the simple moving average for the last 50 days period, and with relative power indicators reaching overbought levels, hinting at a venting-off of that saturation in a contradictory way to the price's upward movements.

Therefore we expect more losses to come for the pair, especially if it broke the support of 0.6910, targeting thereafter the support of 0.6750.


Target
Risk


Support
Resistance


Trend Bearish

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