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AUD/USD Technical Analysis: Chart Setup Points to Rebound

AUD/USD Technical Analysis: Chart Setup Points to Rebound

Ilya Spivak, Head Strategist, APAC

AUD/USD Technical Analysis– Prices recovered as expected, with the pair now showing a bullish Morning Star candlestick pattern and hinting at further gains ahead. Near-term resistance is at 0.9386, a major support-turned-resistance level dating back to late October 2011, followed by the 23.6% Fibonacci retracement at 0.9486. Initial support is at 0.9147, the June 24 low.

dailyclassics_aud-usd_body_Picture_9.png, AUD/USD Technical Analysis: Chart Setup Points to Rebound

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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