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    AUD/USD: Fibonacci analysis on 26.02.2016

    A downward correction can continue.

    On the 4-hour chart, the pair continues trading in the upward channel. The price retested its two-month highs near the level of 0.7250 and is currently correcting. At present, the key level seems to be at 0.7200. Its breakdown could lead to a fall towards 0.7185 (23.6% correction), 0.7165 (crossover between the price and the ascending 38.2% fan line) and 0.7150 (38.2% correction). A price reverse and a breakout of the level of 0.7244 would allow the pair to grow to 0.7300. 

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