AUDUSD Classic Technical Report 07.20.2012
Prices are hovering below resistance at 1.0465, the top of a rising channel set from early June, a barrier reinforced by the 50% Fibonacci expansion at 1.0474. A break above the latter boundary exposes the 61.8% level at 1.0562. Near-term support lines up at 1.0386, the 38.2% Fib, with a breach downward targeting the July 5 high at 1.0328 and the 23.6% expansion at 1.0276.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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