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MIG Bank

MIG Bank

MIG BANK, formerly known as MIG INVESTMENTS, was established in Neuchatel, Switzerland as an online Forex broker and in 2009 became the world's 1st Forex…

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AUD/USD: Weak Bounce Thus Far

AUD/USD has thus far only managed to produce a dead cat bounce in an environment where the USD dollar is weak across the board. Monitor the key support at 0.9388 (04/10/2011 low). Hourly resistances are at 0.9674 (06/06/2013 high) and 0.9792 (03/06/2013 high).

In the longer-term, the break to the downside out of the long-term symmetrical triangle (see the daily chart) favours a move below the strong support area defined by 0.9582 (01/06/2012 low) and 0.9388 (04/10/2011 low).

Daily Technical Report

 

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