Forex Analysis: AUD/USD Classic Technical Report 11.16.2012
Prices completed a bearish Rising Wedge chart pattern below falling trend line resistance set from early September, hinting at weakness ahead. Sellers broke below the 23.6% Fibonacci expansion at 1.0367, exposing the 38.2% level at 1.0297. Continued selling beyond that targets the 0.0181-86 area. The 1.0367 level has been recast as resistance, with a push above that aiming for the wedge bottom at 1.0406. We have entered short.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.