AUD/USD Technical Analysis – Prices have entered consolidation mode having taken out resistance at the top of a falling channel set from April. The move hints a significant correction upward is ahead but follow-through has been lacking thus far. The first layer of significant resistance is at 0.9371, the 23.6% Fibonacci retracement.Near-term support is at 0.9035, the July 3 low.

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

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