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AUDUSD Classic Technical Report 08.14.2012

AUDUSD Classic Technical Report 08.14.2012

Ilya Spivak, Head Strategist, APAC

Prices turned lower after putting in a Hanging Man candlestick below resistance at the top of a rising channel carved out since late June. Initial support lines up at the 1.05 figure, with a break below that exposing 1.0443 and 1.0328. Resistance is found in the 1.06 figure, with a push above that aiming for the 1.0636-50 area marked by a former range bottom and the channel’s upper boundary.

AUDUSD_Classic_Technical_Report_08.14.2012_body_Picture_5.png, AUDUSD Classic Technical Report 08.14.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.