AUD/USD Technical Analysis – Prices bounced as expected after putting in a Hammer candlestick above resistance-turned-support at the top of a falling channel set from April. Near-term resistance is in the 0.8997-0.9035 area, with a break above that eyeing 0.9325. Alternatively, a move below the channel barrier aims for the 38.2% Fibonacci expansion at 0.8712.
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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