AUD/USD Technical Analysis– Prices recovered as expected, with the pair now showing a bullish Morning Star candlestick pattern and hinting at further gains ahead. Near-term resistance is at 0.9386, a major support-turned-resistance level dating back to late October 2011, followed by the 23.6% Fibonacci retracement at 0.9486. Initial support is at 0.9147, the June 24 low.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE