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AUDUSD Classic Technical Report 10.15.2012

AUDUSD Classic Technical Report 10.15.2012

Ilya Spivak, Head Strategist, APAC

Prices put in a Bearish Engulfing candlestick pattern below resistance at the top of a minor falling channel set from the September 14 high, hinting a move lower is ahead. Initial support lines up at 1.0136, the 38.2% Fibonacci expansion, with a break below that targeting the channel bottom at 1.0062. Resistance is now at 1.0256, with a push above that exposing the 23.6%Fib at 1.0322.

AUDUSD_Classic_Technical_Report_10.15.2012_body_Picture_5.png, AUDUSD Classic Technical Report 10.15.2012

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.