AUDUSD Classic Technical Report 07.23.2012
Prices are showing a bearish Dark Cloud Cover candlestick pattern below resistance at 1.0473, a barrier reinforced by the top of a rising channel carved out since late June. Initial supports line up at 1.0313 and 1.0225, followed by the channel bottom (now at 1.0162). A daily close below the latter boundary neutralizes upside pressure and opens the door for continuation of the larger down trend initiated in late February.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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