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AUD/USD Technical Analysis 03.29.2013

By , Currency Strategist
29 March 2013 07:53 GMT

AUD/USD Technical Analysis– Prices recoiled from resistance at 1.0483, the 76.4% Fibonacci retracement, after putting in a Bearish Engulfing candlestick pattern. Sellers are now testing support at 1.0412, the 61.8% level, with a break below that targeting the 1.0355-65 area. Alternatively, a reversal above resistance aims for the multi-month range top at 1.0597. We continue to hold long.

Forex_AUDUSD_Technical_Analysis_03.29.2013_body_Picture_5.png, AUD/USD Technical Analysis 03.29.2013

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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29 March 2013 07:53 GMT