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Forex: AUD/USD Technical Analysis – Broken Resistance Retested

Ilya Spivak

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Talking Points

  • Prices rose as expected after forming a Bullish Engulfing pattern at support near 0.89
  • Break of resistance in the 0.9256-95 area (range top, 23.6% Fib) has exposed 0.9509 (38.2% Fib)
  • Close below 0.9256 targets former trend line resistance at 0.9046. We continue to holdlong.

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dailyclassics_aud-usd_body_Picture_9.png, Forex: AUD/USD Technical Analysis – Broken Resistance Retested

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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