AUD/USD Technical Analysis– Prices are testing support at 1.0246, the 38.2% Fibonacci expansion. This barrier is reinforced by the bottom of a falling channel set from mid-April. A break below that exposes the 50% level at 1.0204. Channel resistance is at 1.0360, with a turn above that aiming for the April 30 high at 1.0384.

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

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