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Daily Market Report – AUD/USD reached upside target July 13, 2017

By Mexgroup.com

AUD/USD – trading in the green

The currency pair increased significantly on Wednesday and reached an important static resistance, maintains a bullish perspective and could approach fresh new highs if the USDX will decrease again. Price was strongly bullish  and resumed the last day’s rebound, is approaching an important downtrend line, where could find a strong supply again.

The greenback remains under pressure on the short term as the USDX dropped below the 96.00 psychological level again, the index is trading near the 95.80 level and tries to make a consolidation movement in the upcoming days.

We may still have another leg higher on the USDX if the rate will make an accumulation move, could still happen as long as is trading above the 95.45 previous low.

AUDUSD

Price reached the 0.7675 static resistance, should reach the black downtrend line as well as long as is trading within the minor ascending pitchfork’s body. Only a breakdown from this pitchfork will signal an exhaustion on the short term. Resistance can be found also at the 0.7755 static obstacle, but we’ll see how the Aussie will react after the Australian and the Chinese data will be released.

The Chinese Trade Balance could decrease from 282B to 273B in June, while the USD-Denominated Trade Balance could jump from 40.8B to 42.9B. Most likely we’ll have a high volatility in the United States trading session as the US is to release high impact data, the fundamental factors will take the lead and will move the price, so you should be careful not to suffer a heavy loss.

NZD/USD registered an amazing jump

Price increased sharply on Wednesday and recovered after the Tuesday’s impressive drop, but reached a very strong resistance level that has paused the bullish momentum. Has increased, but remains under pressure on the short term, could still reach new lows before will resume the upside movement again. Personally, I believe that is too overbought to increase more at this moment, is trapped below a strong dynamic resistance (support turned into resistance).

NZDUSD

If you’ll take a look at the daily chart you’ll notice that has found support much above the warning line (wl2), right on the median line (ml) of the minor descending pitchfork. Right now is pressuring the downtrend line, which represents a strong dynamic obstacle, a further increase will be confirmed only after a valid breakout above the upper median line (uml) of the minor descending pitchfork and above the 0.7277  level.

GOLD still in range

Price increased and resumed the last days’s minor bounce back, climbed as much as 1225.75 level, where has found strong resistance again. Could resume the minor throwback if the USDX will fail to climb again above the 96.00 psychological level.

Gold

Price remains trapped between the 23.6% and the 50% retracement levels, surged after the false breakdown from this extended sideways movement, but the sliding line (SL) represents a strong dynamic resistance. An increase towards the upper median line (uml) of the descending pitchfork if favored after the failure to reach the median line (ml).

By Olimpiu Tuns

Market Analyst

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The post Daily Market Report – AUD/USD reached upside target July 13, 2017 appeared first on mexgroupblog.

 

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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