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AUD/USD Technical Analysis 05.06.2013

AUD/USD Technical Analysis 05.06.2013

Ilya Spivak, Head Strategist, APAC

AUD/USD Technical Analysis– Prices are testing support at 1.0246, the 38.2% Fibonacci expansion. This barrier is reinforced by the bottom of a falling channel set from mid-April. A break below that exposes the 50% level at 1.0204. Channel resistance is at 1.0360, with a turn above that aiming for the April 30 high at 1.0384.

Forex_AUDUSD_Technical_Analysis_05.06.2013_body_Picture_5.png, AUD/USD Technical Analysis 05.06.2013

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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