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Aussie on the Anticipation of US Data

Market Analysis

AUDUSD, H1 and 30M

In the 1 hour chart, AUDUSD reversed earlier its upwards movement.  The pair formed a Gravestone Doji candle at the 20 period MA, after reaching today’s high at 0.7925. Currently, pair is moving at the lower Bollinger bands area, with RSI moving at 44 and looking lower. Meanwhile in a shorter time-frame  the pair manage to formed 3 stong bearish candles in the 30 minutes chart. Hence a short position was taken based on these two short time-frames, with entry at 0.7910, despite the fact that parabolic SAR remian positive.  Hence I Believe that until US data released at 14:00 GMT, AUDUSD will get lower to 30-minutes target 0.7905, and down to hourly targets , 0.7890 which is also the 200-period SMA, and to  0.7890.  Support was set quite close, at 0.7927 which is 50 period SMA, since this position is against the general weakness of US Dollar seen since last week.

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Andria Pichidi

Market Analyst

HotForex

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