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Forex Analysis: AUD/USD Classic Technical Report 11.16.2012

Forex Analysis: AUD/USD Classic Technical Report 11.16.2012

2012-11-16 08:03:00
Ilya Spivak, Head Strategist, APAC
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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.

Forex_Analysis_AUDUSD_Classic_Technical_Report_11.16.2012_body_Picture_5.png, Forex Analysis: AUD/USD Classic Technical Report 11.16.2012

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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