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AUDUSD Classic Technical Report 08.23.2012

AUDUSD Classic Technical Report 08.23.2012

Ilya Spivak, Head Strategist, APAC

Prices remain wedged between the 1.05 figure and the bottom of a rising channel set from early June, now at 1.0432. A break higher aims to challenge a trend-defining falling trend line set from the July 27 2011 high, now at 1.0595. Alternatively a reversal through channel support initially exposes 1.0328.

AUDUSD_Classic_Technical_Report_08.23.2012_body_Picture_5.png, AUDUSD Classic Technical Report 08.23.2012

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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