Jan 22, 2018 12:27 PM

By: AnalysisWatch

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Long Term Trend: Bullish

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Short Term Trend: Bullish, Consolidation

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The Australian dollar has mobilized essentially amid the week, hammering into the fundamental 0.80 level. In any case, this is a region that is enormously critical, and thusly it requires a monstrous measure of push to break above there. We feel that the Aussie may need to develop energy.

The 0.80 is a zone that backpedals a long time on the graphs as both support and resistance. We surmise that the zone will obviously be a support for cost, and when we in the end get a choice made at this level, it will lead Aussie dollar exchanging for the following months, if not years. It is a direct result of this that we have been focusing on this outline for quite a while.

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Right now, on the off chance that we break over the 0.81 level we are willing to trade longer term. Believe that the market breaking above there ought to send this market to the 0.85 level next, and afterward considerably higher. We would take those pullbacks as potential purchasing openings, not really a market that we need to begin selling.

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The Bottom Line

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The up drifting channel is particularly in place, and trust that in the end it will lift this market higher. Nonetheless, we have to see gold breakout for the AUDUSD to go substantially higher, and it is at present battling too. In any case, we do feel that on the off chance that you are sufficiently tolerant you ought to have the capacity to purchase this market at bring down levels.

AnalysisWatch Key Support level: 

S1: 0.7989

S2: 0.7979

S3: 0.7973

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AnalysisWatch Key Resistance level: 

R1: 0.8017

R2: 0.8021

R3: 0.8052