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Forex Analysis: AUD/USD Classic Technical Report 12.14.2012

By , Currency Strategist
14 December 2012 01:26 GMT

Prices are testing multi-month range resistance at 1.0578, with a Bearish Engulfing candlestick pattern hinting a move lower is ahead. Channel support is now at 1.0442. A drop below that initially exposes the 1.04 figure. Alternatively, a break above resistance targets channel line resistance at 1.0643.

Forex_Analysis_AUDUSD_Classic_Technical_Report_12.14.2012_body_Picture_1.png, Forex Analysis: AUD/USD Classic Technical Report 12.14.2012

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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14 December 2012 01:26 GMT