Forex Analysis: AUDUSD Classic Technical Report 10.29.2012
Prices put in a Hanging Man candlestick below resistance at 1.0397, the 23.6% Fibonacci expansion level, hinting a move lower may be ahead. Near-term support lines up at 1.0173, a horizontal barrier that has contained the downside over the past three months, with a break lower broadly exposing the parity level. Alternatively, a push above resistance exposes a major falling trend line at 1.0519, a hurdle reinforced by the 38.2% Fib at 1.0551.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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