Forex Analysis: AUD/USD Classic Technical Report 11.15.2012
Prices completed a bearish Rising Wedge chart pattern below falling trend line resistance set from early September, hinting at weakness ahead. Sellers are now testing below the 23.6% Fibonacci expansion at 1.0367, with a confirmed break exposing the 38.2% level at 1.0297. Wedge bottom support-turned-resistance is at 1.0397. We have entered short.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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