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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 Retracement

AUD/USD recovery bounce is gaining strength despite ongoing bearish retracement. Resistance is located at 0.7737 (31/03/2016 high) has been broken. Hourly support is given at 0.7555 (rising trendline) then 0.7415 (16/03/2016 low). Buying pressures remains nonetheless important as long as the pair remains above 0.7415.

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 is now above the 200-dma which confirms our view that buying pressures are increasing.

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