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AUDUSD Classic Technical Report 08.02.2012

AUDUSD Classic Technical Report 08.02.2012

Ilya Spivak, Head Strategist, APAC

Prices put in a bearish Evening Star candlestick pattern below resistance at the top of a rising channel carved out since late June, hinting a move lower may be ahead. Negative RSI divergence reinforces the case for a downside scenario. Initial support lines up at 1.0443, with a break below that exposing 1.0328. Alternatively, a reversal through channel resistance (now at 1.0530) targets 1.0636.

AUDUSD_Classic_Technical_Report_08.02.2012_body_Picture_5.png, AUDUSD Classic Technical Report 08.02.2012

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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