Technical Analysis: AUD/USD 2012.05.01

  The bullish resumption was capped by the 50-Day SMA at 1.0470. After that the pair dropped below the 200-Day SMA. Now we look for additional declines towards the 1.0225 support, with a break below to aim the pair for testing parity. Only a break and consolidation above the 50-Day SMA would confirm the upside rally ahead of the 1.0855 resistance.    

Edward Smith, technical analyst of company Admiral Markets.

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