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AUD/USD: Declining Towards The Low of its Medium Term Horizontal Range
AUD/USD continues to look weak after breaking under the key support at 1.0329. We now see scope for a return to the base of the recent longer-term range at 1.0149 (08/10/2012 low) over the coming days. Resistances can be found at 1.0294 (intraday high) and 1.0348 (08/02/2013 high, see also declining trendline).
AUD/USD is moving within the medium-term horizontal range defined by the support at 1.0149 (08/10/2012 low) and the resistance at 1.0613 (09/08/2012 high). A break out of this range is required to fuel a longer-term directional bias.