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AUDUSD Classic Technical Report 08.27.2012

AUDUSD Classic Technical Report 08.27.2012

Ilya Spivak, Head Strategist, APAC

Prices price are testing the 23.6% Fibonacci retracement at 1.0368 after taking out support at the bottom of a rising channel set from early June. A break below this boundary exposes the 38.2% Fib at 1.0218. The channel bottom, now at 1.0452, has been recast as near-term resistance. A push back above that targets the 1.05 figure.

AUDUSD_Classic_Technical_Report_08.27.2012_body_Picture_5.png, AUDUSD Classic Technical Report 08.27.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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