18/03/15 AUDUSD fails to break above major trend line


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AUDUSD fails to break above major trend line and seeks to continue falling. Candle movements were minimal for the past 2 days but overall trend remains bearish. Volatility remains low after finding exhaustion at 0.7571 last week and the focus for the pair this week would lie on the release of FOMC statement tomorrow.

 

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Observing the H4 chart, candles are supported at 0.7613 as they draw near the 20 SMA. Candles start to range between 0.7661 and 0.7613 and have started on consolidation. With the release of FOMC Statement drawing near, candles are bound to breakout of the range.

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Focusing on the H1 chart, trend continues to remain bearish for lower highs are formed. For aggressive traders looking to engage in a longing trade may enter the market with a tight stop loss placed just below 0.7600. Should candles break below 0.7613, it is highly possible that prices may continue on the bearish run towards 0.75.

 

Trend Direction
 S3
S2
S1
R1
R2
 R3
Bullish if hold above 0.7613 0.7500 0.7571 0.7613 0.7700 0.7740 0.7800

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