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AUD/USD Testing Key Trend Line

AUD/USD Testing Key Trend Line

2013-02-01 15:16:00
Ilya Spivak, Head Strategist, APAC
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AUD/USD Technical Strategy: Flat

Prices turned lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern below multi-month range resistance in the 1.0578-1.0624 area. Sellers are now challenging rising trend line support set from late October (1.0398). A break lower exposes swing lows at 1.0344 and 1.0286. Alternatively, a reversal through resistance at 1.0485 targets the range top anew. A confirmed breakout is absent for now and we will stand aside until something more actionable presents itself.

Forex_Analysis_AUDUSD_Testing_Key_Trend_Line_body_Picture_1.png, AUD/USD Testing Key Trend Line

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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