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Forex Analysis: AUD/USD Classic Technical Report 11.19.2012

By , Currency Strategist
19 November 2012 08:41 GMT

Prices put in a Hammer candlestick above the 23.6% Fibonacci expansion at 1.0367, hinting a bounce may be ahead. Initial resistance is at 1.0414, the underside of a Rising Wedge chart pattern completed last week. A move above that targets falling trend line resistance at 1.0466. Alternatively, a push below support aims for the 38.2% level at 1.0297. We continue to hold short.

Forex_Analysis_AUDUSD_Classic_Technical_Report_11.19.2012_body_Picture_5.png, Forex Analysis: AUD/USD Classic Technical Report 11.19.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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19 November 2012 08:41 GMT