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Forex Analysis

11/27/2013 06:18:57

AUD/USD: The Weekly trendline coming in at 9000 should hold

Aussie upped and died yesterday...failing to get to the sell area of 9225 and falling through lower to our 76.4 Med term support at 9095 posting lows of 9088. Small bound back towards small trendline resistance at 9136 which is also our 38.2% short term Fib level..and even this small move has taken the short term stochastics back to neutral levels...

So this 9133/40 area is going to be quite important today....If we fail to make a break above here sellers will be looking for another swift annihilation of buyers and possibly take out 9088 and look for 9061...I think initially we will struggle to break below here given the daily charts are so oversold...However....there is always a however.....the weekly charts are looking not at all well especially on the break of 9225 last week....Now these are slower moving charts...but the break is significant...showing that whilst below 9225
there is scope for....wait for it.....8780....Now before that we do have a weekly trendline coming in at 9000 and this should hold...so we are going to be buyers on weakness to here....looking for like minded buyers to come back into the market and try and correct the damage done to the currency on the break of 9225....

Now if we can break above 9140 then the immediate downside threat is postponed for a while and there would be a good chance for the market to correct back to the 9190/9225 critical area....

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