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AUDUSD Classic Technical Report 10.16.2012

AUDUSD Classic Technical Report 10.16.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing above resistance at the top of a minor falling channel set from the September 14 high. A break higher initially exposes the 23.6%Fibonacci expansion at 1.0322, with a push above that opening the door for a test of major trend line resistance at 1.0529. Support lines up at 1.0136, the 38.2% Fib, with a break below that targeting the channel bottom at 1.0055.

AUDUSD_Classic_Technical_Report_10.16.2012_body_Picture_5.png, AUDUSD Classic Technical Report 10.16.2012

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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