AUD/USD Technical Analysis: Channel Break Marks Reversal
AUD/USD Technical Analysis– Prices broke higher as expected, taking out resistance at the top of a falling channel set from April and hinting a significant correction upward is ahead. Prices target the 23.6% Fibonacciretracement at 0.9371 as the next upside barrier, with a push above that exposing the 38.2% level at 0.9602.Channel resistance-turned-support is now at 0.9125.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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