AUDUSD Classic Technical Report 08.08.2012
Prices continue to test resistance at the top of a rising channel carved out since late June. A Shooting Star candlestick following a Doji identified yesterday reinforces the possibility of ebbing bullish momentum and hints a reversal lower may be ahead. Initial support lines up at 1.0443, with a break below that exposing 1.0328. Alternatively, a reversal through channel resistance (now at 1.0603) targets 1.0636 and 1.0806.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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