AUDUSD Classic Technical Report 07.16.2012

Prices are testing the upper boundary of a falling channel set from the July 5 swing high, with a Shooting Star candle pointing to indecision and hinting a reversal lower may be ahead. Near-term trend line support lines up at 1.0139, with a break below that exposing channel support at 1.0096.

8hr Chart - Created Using FXCM Marketscope 2.0

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

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