AUD/USD Technical Analysis for May 5, 2011

AUD/USD had a sharp drop in value today, finding the 1.07 support area in the process. The pair needed this fall, and this could present itself as a buying opportunity. However, we want to see support hold up at either the 1.07 area, or the 1.05 area as they could be nice launching points for the market to continue higher. 1.02 is the ultimate support, as it represents the last major breakout in this pair.

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