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AUDUSD Classic Technical Report 08.15.2012

AUDUSD Classic Technical Report 08.15.2012

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. Sellers have now cleared initial support at the 1.05 figure to expose 1.0443, with a break below that targeting 1.0328. The 1.05 level has been recast as near-term resistance, with a push back above that clearing the way for a return to challenge the 1.06 mark.

AUDUSD_Classic_Technical_Report_08.15.2012_body_Picture_5.png, AUDUSD Classic Technical Report 08.15.2012

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.