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AUD/USD Technical Analysis– Prices are recovering as expected. 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: Bulls Look Toward 0.94 LevelDaily Chart - Created Using FXCM Marketscope 2.0

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

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