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AUDUSD Classic Technical Report 07.31.2012

AUDUSD Classic Technical Report 07.31.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing above resistance at the top of a rising channel carved out since late June, with a break higher exposing the next major upside barrier at 1.0636. Near-term support is in the 1.0225-1.0313 area, with a daily close below that clearing the way for a test of 1.0099 and the parity level.

AUDUSD_Classic_Technical_Report_07.31.2012_body_Picture_5.png, AUDUSD Classic Technical Report 07.31.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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

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