AUD/USD Long Trend Held in Consolidation

DailyFX

AUD/USD Technical Strategy: Long at 1.0238, Targeting Above 1.0483

Floating Profit / Loss: +175 pips

We entered long AUDUSD at 1.0238. Prices pulled back from resistance at 1.0483, the 76.4% Fibonacci retracement, to challenge the 61.8% level at 1.0412. A break below that targets the 1.0355-65 area. Alternatively a reversal above resistance eyes the multi-month range top at 1.0597. We will continue to hold long for now, with a stop-loss to be triggered on a daily close below 1.0412.

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Forex_Analysis_AUDUSD_Long_Trend_Held_in_Consolidation_body_Picture_5.png, AUD/USD Long Trend Held in Consolidation

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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