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MIG Bank

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: The Resistance at 0.9458 is Challenged Again

AUD/USD has bounced near the support at 0.9285 (see also 38.2% retracement). A break of the hourly resistance at 0.9458 would strengthen the case for a new phase of AUD strength. An initial support lies at 0.9388 (07/10/2013 low). Another resistance stands at 0.9529.

We favour a new phase of strength as the consolidation since June is supportive of a longer phase of AUD strength.

In the medium-term, the break above the strong resistance at 0.9345 confirms an improving medium-term technical structure. However, the long-term technical pattern remains negative thus far. Therefore, we expect the strong resistance at 0.9843 (21/05/2013 high, see also the 200 day moving average) to cap the medium-term upside potential.

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