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AUD/USD Long Position Triggered Sub-1.03

By , Currency Strategist
08 March 2013 02:55 GMT

AUD/USD Technical Strategy: Long at 1.0238, Targeting 1.0365

Prices broke above falling trend line resistance set from late January, hinting the near-term bearish trajectory has been overturned and opening the door for a move higher. The pair is now re-testing the trend line as support and we will enter long, initially targeting 1.0365. A stop-loss will be activated on a daily close below 1.0114, the March 4 low.

Forex_Analysis_AUDUSD_Long_Position_Triggered_Sub-1.03_body_Picture_5.png, AUD/USD Long Position Triggered Sub-1.03

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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08 March 2013 02:55 GMT