AUDUSD Classic Technical Report 09.26.2012
Prices pulled back after showing a Shooting Star candlestick below resistance at a falling trend line set from late-July 2011, a barrier reinforced by the 38.2% Fibonacci expansion at 1.0560. Sellers are now probing below initial support at 1.0410, the 23.6% level, with a confirmed break on a daily closing basis exposing the 14.6% Fib at 1.0318. Alternatively, a break above 1.0560 targets the 50% expansion at 1.0682.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.