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Important Resistance Confluence Restricts AUDUSD Advance

Discussion in 'Technical Analysis' started by Kaitlin, Feb 1, 2016.

  1. Kaitlin

    Kaitlin Forum Member

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    Although AUDUSD's bounce from the 0.6830-20 support-zone propelled the pair towards marking new highs for the January month, the 50-day and 100-day SMA confluence, also including 23.6% Fibonacci Retracement of its May 2015 – January 2016 decline, around 0.7140-50, held the pair's further up-move captive, indicating a pullback towards 0.7000[​IMG]

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