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AUDUSD Classic Technical Report 10.10.2012

AUDUSD Classic Technical Report 10.10.2012

Ilya Spivak, Head Strategist, APAC

Prices are staging shallow recovery following a test of support at 1.0136, the 38.2%Fibonacci expansion. Initial falling channel resistance is at 1.0292, a barrier reinforced by the 23.6% Fib at 1.0322. A push above that exposes major trend line resistance at 1.0537. Alternatively, a reversal through support aims for the 50% expansion at 0.9986.

AUDUSD_Classic_Technical_Report_10.10.2012_body_Picture_5.png, AUDUSD Classic Technical Report 10.10.2012

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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