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AUDUSD Classic Technical Report 08.17.2012

AUDUSD Classic Technical Report 08.17.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing support at 1.0443, the July 19 high, with a break lower from here exposing the bottom of a rising channel set from early June (now at 1.0385). Near-term resistance is at the 1.05 figure, with a push back above that targeting a long-term falling trend line set late July 2011, now at 1.0602.

AUDUSD_Classic_Technical_Report_08.17.2012_body_Picture_5.png, AUDUSD Classic Technical Report 08.17.2012

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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