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AUDUSD Classic Technical Report 07.23.2012

AUDUSD Classic Technical Report 07.23.2012

Ilya Spivak, Head Strategist, APAC

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.

AUDUSD_Classic_Technical_Report_07.23.2012_body_Picture_5.png, AUDUSD Classic Technical Report 07.23.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.