AUDUSD Classic Technical Report 08.07.2012
Prices continue to test resistance at the top of a rising channel carved out since late June. A Doji candlestick hints at ebbing bullish momentum and warns a reversal lower may be brewing. Initial support lines up at 1.0443, with a break below that exposing 1.0328. Alternatively, a reversal through channel resistance (now at 1.0593) targets 1.0636.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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