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27.03.2012 12:36 PM
AUD/USD Intraday Technical Analysis

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At the moment the spot rate is testing the upper limit of its medium term bearish channel in 1.0540 and is expected to initiate a decline. However, if these levels are passed through, the released  potential will  initiate a bullish trend.

Technical indicators provide signals for Buy-deals and approaching the overbuy zone confirms a possible decline. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.

Proceeding from the previous situation, the market indicates a bullish opportunity as soon as the spot rate will has broken its resistance in 1.0540 with 1.0600 and 1.0620 seen as first objectives. A breakdown in 1.0520 will invalidate this scenario.

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