AUD/USD Classic Technical Report 07.03.2012
Prices are consolidating after taking out resistance at 1.0213, the 38.2% Fibonacci expansion. Buyers now see resistance at 1.0289, the 50% expansion, with a break above that exposing the 61.8% Fib at 1.0366. Negative RSI divergence warns of ebbing upside momentum however and warns that a downswing may be ahead. A break back below 1.0213 targets the 23.6% boundary at 1.0120.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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