AUD/USD Technical Analysis– Prices recovered as expected, with the pair now showing a bullish Morning Star candlestick pattern and hinting at further gains ahead. 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.

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

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