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AUDUSD Classic Technical Report 08.13.2012

AUDUSD Classic Technical Report 08.13.2012

Ilya Spivak, Head Strategist, APAC

Prices put in a Hanging Man candlestick below resistance at the top of a rising channel carved out since late June, hinting a move lower may be ahead. A break below the 1.05 figure initially exposes 1.0443, with a push further to the downside aiming for 1.0328. Alternatively, a reversal back above resistance in the 1.0632-36 area marked by the channel top and a former range support targets 1.0806.

AUDUSD_Classic_Technical_Report_08.13.2012_body_Picture_5.png, AUDUSD Classic Technical Report 08.13.2012

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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