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    AUD/USD Wave Analysis for July 3, 2012

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    Overview:

    Recently, EUR/NZD is moving downwards. As we had expected, the price tested the level of 1.6580 in a volume above the average. In the daily time frame, we can observe a weak upward bar in a volume just above the average and there is also an inside-bar formation at the level of 16677 (held successful) and a low (support) at 1.6340. Watch for a potential breakout of inside-bar support or resistance. Also, we got strong rejection from our demand trendline (support) around the level of 1.6390. Strong support is seen at the level of 1.6610. The short-term trend is neutral, but the mid-term trend is still bullish. I am still waiting for larger liquidity and stronger price actions to confirm the further direction.

    Fibonacci Pivot Points :

    Resistance levels:

    R1: 1.6780

    R2: 1.6835

    R3: 1.6925

    Support levels:

    S1: 1.6600

    S2: 1.6550

    S3: 1.6460

    Trading recommendations: Buying EUR/NZD at this stage looks risky, since we have a fake breakout on the background.


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