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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 - Monitor The Key Resistance at 0.7876

AUD/USD is close to the key resistance at 0.7876 (06/02/2015 high). A break of this level is needed to open the way for further strength. Hourly supports can now be found at 0.7757 (19/02/2015 low, see also the short-term rising trendline) and 0.7724 (13/02/2015 low).

In the long-term, there is no sign to suggest the end of the current downtrend. The break of the strong support area between 0.8067 (25/05/2010 low) and 0.7947 (61.8% retracement of the 2009-2011 rise) favours further weakness. A key support stands at 0.7451 (18/05/2009 low). A break of the key resistance at 0.8295 (15/01/2015 high) is needed to invalidate our long-term bearish view.

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