AUDUSD Classic Technical Report 08.02.2012
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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