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AUD/USD Long Trade Meets Second Target

By , Currency Strategist
22 March 2013 13:38 GMT

AUD/USD Technical Strategy: Long at 1.0238, Targeting Above 1.0483

Floating Profit / Loss: +186 pips

We entered long AUDUSD at 1.0238. Prices broke above resistance at 1.0412, the 61.8% Fibonacci retracement, meeting our second objective and exposing the 76.4% Fib at 1.0483. We will continue to hold long, looking for a break above that to expose the multi-month range top in the 1.0578-1.0624 region. The stop-loss has been revised to trigger on a daily close below 1.0298.

Forex_Analysis_AUDUSD_Long_Trade_Meets_Second_Target_body_Picture_5.png, AUD/USD Long Trade Meets Second Target

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for

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22 March 2013 13:38 GMT