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Forex Analysis: AUD/USD Classic Technical Report 01.24.2013

By , Currency Strategist
24 January 2013 15:53 GMT

Prices are turning lower after putting in a bearish Dark Cloud Cover candlestick pattern below multi-month range resistance in the 1.0578-1.0624 area. Sellers are probing through initial trend line support to target a larger upward-sloping level 1.0421.A break below that broadly exposes the December 26 low at 1.0344. Alternatively, a push above the range top targets the 76.4% level at 1.0677.

Forex_Analysis_AUDUSD_Classic_Technical_Report_01.24.2013_body_Picture_1.png, Forex Analysis: AUD/USD Classic Technical Report 01.24.2013

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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24 January 2013 15:53 GMT