AUD/USD Technical Analysis– Prices broke above resistance at 1.0305, the 23.6% Fibonacci retracement, to challenge the 38.2% level at 1.0358. A break above that exposes the 50% Fib at 1.0401. The 1.0305 has been recast as near-term support, with a reversal back beneath that eyeing the April 23 low at 1.0220.
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--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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