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AUDUSD Classic Technical Report 08.07.2012

AUDUSD Classic Technical Report 08.07.2012

Ilya Spivak, Head Strategist, APAC

Prices continue to test resistance at the top of a rising channel carved out since late June. A Doji candlestick hints at ebbing bullish momentum and warns a reversal lower may be brewing. Initial support lines up at 1.0443, with a break below that exposing 1.0328. Alternatively, a reversal through channel resistance (now at 1.0593) targets 1.0636.

AUDUSD_Classic_Technical_Report_08.07.2012_body_Picture_5.png, AUDUSD Classic Technical Report 08.07.2012

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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