AUDUSD Classic Technical Report 10.18.2012
Prices followed a break above the top of a minor falling channel set from the September 14 high with a push through the 23.6%Fibonacci expansion (1.0322). The bulls now aim challenge major trend line resistance at 1.0526. The 1.0322 level has been recast as support, with a reversal below that targeting the 38.2% Fib at 1.0136.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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