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AUDUSD Classic Technical Report 07.24.2012

AUDUSD Classic Technical Report 07.24.2012

Ilya Spivak, Head Strategist, APAC

Prices broke through 1.0313 after 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. The pair found interim support at 1.0225 and is staging narrow correction higher to retest 1.0313 to the upside. A break back above this level exposes 1.0473 anew. Alternatively, a push downward aims to challenge the channel bottom at 1.0174.

AUDUSD_Classic_Technical_Report_07.24.2012_body_Picture_5.png, AUDUSD Classic Technical Report 07.24.2012

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.