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AUD/USD Classical 05.21

AUD/USD Classical 05.21

2010-05-21 08:13:00
Joel Kruger, Technical Strategist
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AUD/USD: The market has fallen apart since failing to clear barriers by 0.9400, with setbacks now accelerating to fresh 2010 lows below major neckline support of a double top at 0.8580. The break below 0.8580 should now open a measured move pattern objective by 0.7800 over the coming days. Any rallies should be well capped by previous neckline support now turned resistance at 0.8580.

 

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com 
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