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24.02.201513:49 Forex Analysis & Reviews: Technical analysis of AUD/USD for February 24, 2015

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.
Exchange Rates 24.02.2015 analysis
Overview:
  • A confounding rise from the level of 0.7704 has extended further to as high as 0.7756 today. Moreover, it might be noticed that the price has placed above 00% of Fibonacci retracement levels and created a strong support at this spot (between the levels of 0.7650 and 0.7720). Thus, the market will form the first support at the price of 0.7720. Futhermore, this strong level has been still moving between 0.7720 and 0.7840 on the H4 chart. The level of 0.7840 is going to act as a new project in coming hours. Therefore, it is likely that the market will start showing the signs of bullish market again in order to indicate a bullish opportunity at the level of 0.7723 with the first target of 0.7783 and continues towards 0.7840.
  • Regardless of how, bulls were forced to pull back below the level of 0.7881, so this level will form a strong resistance in order to indicate a bearish opportunity below it. Accordingly, it will be a good sign to sell below the level of 0.7881 (38.2% of Fibonacci retracement level at the chart) with a target at 0.7786 and it might resume to 0.7780 (good place to take profit will be at 23.8% of Fibonacci).
  • Please, check the market volatility before investing, because the price may have already been reached and scenarios might have become invalidated.
Mourad El Keddani
Analytical expert of InstaForex
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