FX.co ★ AUD/USD Intraday Technical Analysis September 5, 2011

The pair is approaching 50% Fibonacci level of the last swing started at 0.9926 up to 1.0767.

Also there's previous broken top last August and previous low last July.

The pair now is stepping outside the bullish channel but we don't have a closure yet.

The pair is now testing the support level 1.0550 - 1.04888.

This area is the level of previous multiple tops marked on the chart.

Based on the previous analysis there's bullish opportunity around 1.0550 - 1.04888.

SL should be below 1.03888.