AUD/USD Technical Analysis August 2, 2011

The AUD/USD continues to struggle with the idea of the 1.10 handle on Monday, making trading this pair an extremely choppy situation lately. The pair has found support in general, but it simply cannot gain traction at these altitudes. Because of this, we are firm in our commitment to buy the Aussie, but we are waiting to see if there is a pullback first, as we think a retest of 1.08 could be in the cards before it is all said and done.

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