Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account


Forex Analysis: AUD/USD Classic Technical Report 12.06.2012

By , Currency Strategist
06 December 2012 12:43 GMT

Prices continue to consolidate within a Descending Triangle carved out since late July. A Rising Wedge pattern set from the early-October swing coupled with a Bearish Engulfing candlestick formation below Triangle resistance hint at a downswing ahead. Wedge support is now at 1.0406, with a drop below that aiming to challenge the 23.6% Fibonacci expansion at 1.0322. Alternatively, a break above the Triangle top (now 1.0482) exposes the August 9 close at 1.0578. We continue to hold short.

Forex_Analysis_AUDUSD_Classic_Technical_Report_12.06.2012_body_Picture_1.png, Forex Analysis: AUD/USD Classic Technical Report 12.06.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, e-mail Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from

06 December 2012 12:43 GMT