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AUD/USD Continues Strong Bullishness, Due For Pullback

AUD/USD (a 4-hour chart of which is shown) as of Thursday (4/21/2011) has risen dramatically to reach and surpass its 1.0700 price target, establishing a new record high just above 1.0770. This occurs on a sharp bullish move that originated near the beginning of this week. A pullback/correction could soon be in order. For more AUD/USD forex technical analysis, please click here.

James Chen, CTA, CMT