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Forex Analysis: AUD/USD Rebound Cut Short at 1.05

By , Currency Strategist
04 January 2013 10:44 GMT

Strategy: Flat

Prices are turning lower after retesting Rising Wedge support-turned-resistance (1.0517).Rising trend line support is at 1.0359. A drop below that targets a multi-month range bottom at 1.0173. Alternatively, a reversal above resistance aims for the range top at 1.0578. An actionable trade setup is absent for now and we will continue to stand aside.

Forex_Analysis_AUDUSD_Rebound_Cut_Short_at_1.05_body_Picture_1.png, Forex Analysis: AUD/USD Rebound Cut Short at 1.05

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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04 January 2013 10:44 GMT