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AUD/USD Enjoys Upswing, Dollar Declines

The first day of December starts with strong bullish movements on major indices and commodities. Dollar, on the other hand, continues to decline further and it looks like the bottom is not in sight. In today’s trading sniper, I have three instruments from different worlds of trading: index, commodity and currency pair.

We start with NASDAQ, which in the past few days, broke two absolutely crucial resistances. The first one was the dynamic one, so the upper line of the symmetric triangle and the second one was the horizontal one so the 12200. Yesterday, buyers successfully tested that level as the closest support, which helps to lift the price further today. The sentiment is positive.

Now, we will move to oil, where I would like to show you Brent Oil, although the situation on WTI is almost identical. What we have here is a flag formation, with a price breaking its upper line as we speak. Once buyers will manage to close the H4 candle above that resistance, we will get a proper buy signal.

I will finish this with one setup from the Forex world – AUD/USD. The price is enjoying an upswing coming from the weaker USD. Overnight, Aussie went slightly lower but just to test absolutely crucial horizontal support on the 0.734. The test was positive for the buyers, as the price bounced quite rapidly. With that rise, the sentiment is definitely positive, of course as long as we stay above the green area, as the breakout would give us a signal to go down.

AUD/USD Enjoys Upswing, Dollar Declines

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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