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AUD/USD Resumes Bullish Bias after Pullback

AUD/USD (a 4-hour chart of which is shown) as of Wednesday (4/13/2011) has tentatively resumed its bullish trend bias after pulling back to the 1.0400 price region, which is around the 61.8% Fibonacci retracement of the last major bullish trend run (from the recent 1.0287 low to the 1.0579 record high). This occurs within the context of a sharp and steep bullish trend. For more AUD/USD forex technical analysis, please click here.
James Chen, CTA, CMT