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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 Dailyfx.com

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

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06 December 2012 12:43 GMT