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AUD/USD Bounced From Crucial Resistance

AUD/USD Bounced From Crucial Resistance

The second part of the previous week was crucial for the situation on the AUD/USD. The price got to the important mid-term resistance, just above 0.9330, which was holding the bulls since the end of June. The first contact was positive, and brought hope for the bullish outcome. Unfortunately for buyers, bears woke up and pushed the price lower. Luckily for them, the week ended above 0.92, which can now be considered as a major support, which should be used to start another attack. As long as the price stays above this line, bulls will still have a chance to break the area above 0.9330. If sellers manage to break the 0.92 support, this could trigger the sell signal, which should result to a major downswing, targeting the lows from the beginning of August.


AUD/USD will also be affected by the FOMC on Wednesday; so until their decision, we should not expect any major movement on this pair.Monday starts with the long bullish gap. This gap is a result of the optimism after Lawrence Summers decided not to vie for the FED Chairman position, and as well as due to the peaceful way of resolving the conflict in Syria. Although this gap attacked the mentioned long-term resistance, the price quickly went down, indicating that the area above 0.9330 will be hard to break.

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