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FX.co ★ Candlestick analysis of the AUD/USD for December 21, 2010

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Forex Analysis:::2010-12-21T07:59:11

Candlestick analysis of the AUD/USD for December 21, 2010

The AUD/USD is moving upside to the parity level. As it was mentioned before, the breakout of the resistance level of 0.9965 means that the currency pair is targeted to the year’s high of 1.0182.
Earlier on a daily chart the AUD/USD has formed the combination of candlesticks Bullish Engulfing, which indicates the uprising movement, confirmed further. This combination of candlesticks developed near the support level of 0.9537, where the bulls started increasing their influence and a pullback took place after the downside motion. This combination of candlesticks provided a good opportunity to open long positions.
A breakthrough of the resistance level of 0.9710 confirms this point of view. However, in case the reversal happens and the AUD/USD breaks through the support level of 0.9710, then long positions should be closed as it will lead to decline to 0.9537.

Candlestick analysis of the AUD/USD for December 21, 2010

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