Technical analysis for AUDUSD on 27.08.13

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Technical analysisEven despite negative fundamental data on the USD, the AUD/USD failed to cross a strong resistance level of 0.9045.

Direction

Period

Expected price dynamics

Price movement corridor

↑↓

1 day

≈110 pips

Max. 0.9100

Min. 0.8800

AUDUSD technical analysis on 27.08.13

A rebound from this level went along the price fall. Now the price breaks the support level of 0.8975, so the fall is expected to continue. The closest target will be set at another support level of 0.8930. A break down will open the way down to 0.8865.

Alternative forecast

AUDUSD technical analysis on 27.08.13

If the price fails to break and consolidate below the support level of 0.8930, it is expected to consolidate with upcoming rise to the resistance level of 0.8975. Breaking the level of 0.8975 will let the price move to 0.9000.

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Hello, my name is Artem. If you ask me “Why have you chosen Forex?”, I would quote a legendary bestseller “Trading for a Living” written by Alexander Elder – the greatest trader of all time: “You can be free. Live and work in any corner of the globe. You can set aside everyday troubles and be free from all bosses. This is the life of a successful trader”(a small step aside.) Now I will tell you a few words about myself: I have a two-year experience of Forex trading. I also have a trading certificate confirming that I have passed a course called “Theory and practice of international financial markets” held by a private consulting company. Currently, I’m trading in a foreign exchange market and reading books written by successful world traders. I believe only in technical analysis, as it is based on crowd psychology, while the crowd behavior is primitive.

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