FX.co ★ AUD/USD Technical Analysis, Low risk bullish view Ausust 3, 2011

AUD/USD currency pair is trending up inside a long term bullish channel.

Now the pair is testing the inner uptrend line which represents a moving support.

Also it's 76% Fibonatcci level of the last bullish wave since June 27.

On the 4H chart, the pair is re-visiting support (Supply) area which are previous congestion (consolidation) ranges broken to the upside.

The current area has also the inner uptrend line and the 76% Fibonatcci level which constitues a good support area.

The market is expected to be bullish at this level with TP at 1.0900.

SL should be 4H closure below 1.0650.