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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 - Targeting Support at 0.7160

AUD/USD is moving sideways. The technical structure suggests that the pair has entered into a trading in range phase between hourly support at 0.7160 (intraday high) and hourly resistance at 0.7385 (12/04/2015 high). Expected to show further decline as the technical structure in the short-term (lower highs) suggests further weakening.

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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