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AUDUSD Classic Technical Report 08.29.2012

AUDUSD Classic Technical Report 08.29.2012

2012-08-29 11:13:00
Ilya Spivak, Head Strategist, APAC
Share:

Prices are approaching support at 1.0312, the 23.6% Fibonacci expansion, 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 1.0125. The channel bottom, now at 1.0469, has been recast as near-term resistance. A push back above that targets the 1.05 figure.

AUDUSD_Classic_Technical_Report_08.29.2012_body_Picture_5.png, AUDUSD Classic Technical Report 08.29.2012

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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