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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 - Short Term Bearish

AUD/USD keeps on declining. The very short-term technical structure is negative. A break of the hourly resistance at 0.7382 (12/10/2015 high) is necessary to reverse the current short-term trend. Hourly support lies at 0.6893 (04/09/2015 low). Expected to show continued weakness.

In the long-term, there is no sign to suggest the end of the current downtrend. Key supports stand at 0.6009 (31/10/2008 low) . A break of the key resistance at 0.8295 (15/01/2015 high) is needed to invalidate our long-term bearish view. In addition, we still note that the pair remains well below the 200-dma which confirms selling pressures.

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