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AUD/USD forecast for the week of February 1, 2016, Technical Analysis

By:
Christopher Lewis
Published: Jan 30, 2016, 05:53 UTC

The AUD/USD pair initially fell during the week, but found enough support below to turn things back around and form a positive candle. The positive candle

AUD/USD forecast for the week of February 1, 2016, Technical Analysis

The AUD/USD pair initially fell during the week, but found enough support below to turn things back around and form a positive candle. The positive candle of course suggesting that we could get a bit of a bounce, but we still believe that the previous uptrend line above should offer plenty of resistance. On a resistive candle, we are willing to sell this market again as the longer-term downtrend is most certainly still very much in effect. A break down below the bottom of the candle is also a very negative sign that we would jump all over.

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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