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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 - Pushing Lower

AUD/USD keeps on weakening after the last week's spike. Hourly support lies at 0.7170 (30/11/2015 low) and hourly resistance is located at 0.7382 (12/10/2015 high). Support implied by the lower bound of the uptrend channel has been broken. Expected to show monitoring of the support at 0.7170 to confirm a trend reversal.

In the long-term, we are waiting for further signs that the current downtrend is ending. 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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