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AUD/USD Long Position Hits First Objective

By , Currency Strategist
15 March 2013 12:32 GMT

AUD/USD Technical Strategy: Long at 1.0238, Targeting Above 1.0412

Floating Profit / Loss: +135 pips

We entered long AUDUSD at 1.0238. Prices broke resistance in the 1.0355-65, marked by the 50% Fibonacci retracement and a horizontal pivot level, meeting our initial objective. The pair now aim to challenge the 61.8% Fib at 1.0412 and we will continue to hold long, looking for a break above that level to expose the 76.4% retracement at 1.0483. The stop-loss has been revised to the breakeven level.

Forex_Analysis_AUDUSD_Long_Position_Hits_First_Objective_body_Picture_5.png, AUD/USD Long Position Hits First Objective

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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15 March 2013 12:32 GMT