AUDUSD Classic Technical Report 10.10.2012
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. 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 email@example.com