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Technical analysis of AUD/USD for January 21, 2016.

Technical outlook and hart setups:

The AUD/USD pair might have resumed its corrective rally towards 0.7000 levels at least. The pair seems to have broken above its immediate resistance trend line, and is back testing around 0.6880/90 levels, which should be acting as support now. Besides, note that the pair is bouncing off the fibonacci 0.50% support levels, of the rally between 0.6820 and 0.6960 levels respectively. It is hence recommended to initiate long positions now and also look to add on dips towards 0.6870/80 levels, with risk at 06800 respectively. Immediate support is seen at 0.6840/50 levels while resistance is seen at 0.6960 levels (interim) respectively.

Trading recommendations:

Remain long now, stop at 0.6800, a target is open.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com