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AUDUSD Classic Technical Report 09.26.2012

AUDUSD Classic Technical Report 09.26.2012

Ilya Spivak, Head Strategist, APAC

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.

AUDUSD_Classic_Technical_Report_09.26.2012_body_Picture_5.png, AUDUSD Classic Technical Report 09.26.2012

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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