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AUDUSD Classic Technical Report 09.24.2012

AUDUSD Classic Technical Report 09.24.2012

Ilya Spivak, Head Strategist, APAC

Prices pulled back to support at 1.0410, the 23.6% Fibonacci expansion, after putting in a Shooting Star candlestick below resistance at a falling trend line set from late-July 2011 (a barrier reinforced by the 38.2% level at 1.0560). Continued selling initially targets the 14.6% Fib at 1.0318. Alternatively, a break above resistance targets the 50% expansion at 1.0682.

AUDUSD_Classic_Technical_Report_09.24.2012_body_Picture_5.png, AUDUSD Classic Technical Report 09.24.2012

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.