AUD/USD Technical Analysis August 24, 2011

The AUD/USD shot straight up on Tuesday, and jumped over the 1.05 level. This resistance level keeps getting in the way, and it should be noted that the candle did stop once it broke through. However, the trend overall is up and that makes us bullish overall. The breaking of 1.06 has us buying this pair. If we break 1.03, we are ready to short as well, possibly going down to the 1.01 level.

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