AUDUSD Classic Technical Report 07.13.2012
Prices are bouncing from support at 1.0120, the 23.6% Fibonacci expansion, a barrier reinforced by a rising trend line set from the June 8 low. Near-term resistance lines up at 1.0213 and is likewise reinforced by a rising trend, this one set from the June 1 bottom. Negative RSI divergence hints a reversal lower may be at work. A break below support exposes the parity figure. Alternatively, a breach of resistance targets 1.0290.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to email@example.com