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Forex technical analysis: AUDNZD tests key resistance after auction results

Discussion in 'Technical Analysis' started by ForexLive, Nov 18, 2015.

  1. ForexLive

    ForexLive Forum Member

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    GDT auction results show another soft number The November 19 GDT auction results were weak once again and this should keep the pressure on the NZD. However, the technicals may play in the decision. The AUDNZD is trading at a key resistance level and it looks like the traders on the first look at least are leaning against it - despite the weak results (the price had been moving higher into the results). Both the 100 day MA and the 61.8% of the move down from the September high comes in at 1.1012 and 1.1020 respectively. The price peaked at 1.1016 and is now trading above and below the 1.1000 level. Actually, as I type the pair is back up testing the 100 day MA at the 1.1012 level after falling to a low at 1.0995.

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