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Forex Analysis: AUD/USD Classic Technical Report 11.28.2012

By , Currency Strategist
28 November 2012 07:26 GMT

Prices are retesting resistance at a major falling trend line set from late July 2011 (1.0476), a barrier reinforced by the underside of a Rising Wedge chart pattern completed on November 14 (1.0499). A break higher targets 1.0578. Initial support lines up at 1.0367, the 23.6% Fibonacci expansion, with a drop below that exposing the 1.0136-81 area. We continue to hold short.

Forex_Analysis_AUDUSD_Classic_Technical_Report_11.28.2012_body_Picture_1.png, Forex Analysis: AUD/USD Classic Technical Report 11.28.2012

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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28 November 2012 07:26 GMT