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Forex Analysis: AUD/USD Classic Technical Report 12.20.2012

By , Currency Strategist
20 December 2012 11:45 GMT

Prices declined as expected after putting in a Harami candlestick pattern below multi-month range resistance at 1.0578. Near-term support lines up at 1.0482, the 23.6% Fibonacci retracement. This barrier is reinforced by the bottom of a rising channel set from the October 8 low. A break downward exposes the 38.2% level at 1.0418. Alternatively, a push above resistance targets channel line resistance at 1.0665.

Forex_Analysis_AUDUSD_Classic_Technical_Report_12.20.2012_body_Picture_1.png, Forex Analysis: AUD/USD Classic Technical Report 12.20.2012

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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20 December 2012 11:45 GMT