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AUDUSD Classic Technical Report 07.13.2012

AUDUSD Classic Technical Report 07.13.2012

Ilya Spivak, Head Strategist, APAC

Prices are bouncing from support at 1.0120, the 23.6% Fibonacci expansion, a barrier reinforced by a rising trend line set from the June 8 low. Near-term resistance lines up at 1.0213 and is likewise reinforced by a rising trend, this one set from the June 1 bottom. Negative RSI divergence hints a reversal lower may be at work. A break below support exposes the parity figure. Alternatively, a breach of resistance targets 1.0290.

AUDUSD_Classic_Technical_Report_07.13.2012_body_Picture_5.png, AUDUSD Classic Technical Report 07.13.2012

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

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