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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 - Bearish Breakout

AUD/USD is weakening. The pair has broken the lower bound of the symmetrical triangle which suggested a downside channel. Hourly support can be found at 0.7017 (08/11/2015 low) and hourly resistance at 0.7385 (12/04/2015 high). Expected to show 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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