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AUDUSD Classic Technical Report 08.21.2012

AUDUSD Classic Technical Report 08.21.2012

2012-08-21 03:52:00
Ilya Spivak, Head Strategist, APAC
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Prices are edging higher to probe above resistance at 1.0443 after testing support at the bottom of a rising channel set from early June, with buyers aiming to challenge the 1.05 figure. A break above the latter level exposes a long-term falling trend line set late July 2011, now at 1.0599. Channel support is now at 1.0409, with a breach below that marking a significant near-term trend reversal and initially exposing 1.0328.

AUDUSD_Classic_Technical_Report_08.21.2012_body_Picture_5.png, AUDUSD Classic Technical Report 08.21.2012

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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