Price action on AUD/USD has approached resistance around 0.8500 before correcting back down to a new short-term uptrend line extending from the mid-July 0.7700 low. The current bearish correction could potentially go on to breakdown below this trendline and reach towards further support in the 0.8260 support/resistance region. For more technical analysis on this currency pair, please click here for Friday’s (8/07/2009) Chart of the Day.
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