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AUDUSD: Key Channel Support Finally Broken

AUDUSD: Key Channel Support Finally Broken

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Short

Prices are testing support in the 1.0285-1.0311 area marked by the 23.6% Fibonacci expansion and the June 5 close. A break blower targets 1.0192 and the 38.2% level at 1.0124. Resistance stands at the formerly broken bottom of a rising channel now at 1.0495. Current positioning doesn’t offer an attractive entry point from a risk/reward perspective and we will stand aside for now.

AUDUSD_Key_Channel_Support_Finally_Broken_body_Picture_5.png, AUDUSD: Key Channel Support Finally Broken

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.