AUD/USD Technical Analysis– Prices put in a bullish Piercing Line candlestick pattern, hinting at gains ahead. Initial resistance is at 0.9809, the 14.6% Fibonacci retracement, with a break above that exposing the 23.6% level at 0.9869. Near-term support is at 0.9710, the May 17 low.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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