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AUD/USD Technical Analysis & Daily Chart

Published on: 16/02/2017

General Analysis
During this week the price of the AUD/USD currency pair has risen by slightly more than 130 points and came close to the support level at 0.7700.

If we consider the US dollar in the global market, we can note that the price of this currency increases in relation to all the main quotes. Nevertheless, now we see a pause in the growth and soon we expect a correction against the general uptrend.

Recently the price has already approached several times to the level of support at 0.7700 and every time it was an insurmountable wall for the currency pair which the price could not break.

Comparing the Stochastic indicator chart with the price graph we can see a clear divergence which was formed last Friday. This trading signal on the daily chart and in a rising market is quite a strong signal to sell the US dollar and cannot be ignored.

The Next Few Days
Considering the overall situation on the market for the US dollar, the price's proximity to a significant support level at 0.7700 and the presence of a divergence on the graph, we have all the signals for the opening of sell positions on the AUD/USD. 
The general trend is still increasing but today there is a most favorable situation to play on the rollback of the price.

During this week we are likely to see a decrease to at least 0.7610 or even further to 0.7500.

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