AUD/USD Technical Analysis for July 1, 2011

The AUD/USD pair rose again on Thursday, showing that the break of the descending triangle is confirmed. However, there is the resistance area around 1.0750 as the recent highs. The breaking of that area is massively bullish, but it looks likely in the meantime that we are going to consolidate as the candle looks much like a shooting star. 1.05 seems unlikely to break at this point, so we like buying on dips.

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