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Forex Technical analysis 21. September

EUR/USD: range trading

 

   The aussie has just broken down out of the channel it has been trading in. It has found support at the S1 pivot and it will probably break down and fall even further to the support lows at 1.0170.

 AUD/USD : breaking down

 

   The euro has rallied up to resistance at the top of the range and then started falling. There is a possibility that it could fall further, perhaps to the range lows at 1.3600. Alternatively it may rally back up to the 1.3715 highs – and then even break higher to fill the gap. Much probably depends on how markets interprit the FOMC announcement this afternoon.

Analysis prepared by:

Joaquin Monfort