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Talking Points

  • Prices rose as expected after forming a Bullish Engulfing pattern at support near 0.89
  • Near-term resistance is at 0.9509 (38.2%); a break above that eyes 0.9714 (50% Fib)
  • The first major layer of support is at 0.9344, the June 26 high. We continue to holdlong

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dailyclassics_aud-usd_body_Picture_9.png, Forex: AUD/USD Technical Analysis – Long Position Still in Play

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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