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.

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.