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Forex Analysis: AUD/USD Classic Technical Report 11.20.2012

Forex Analysis: AUD/USD Classic Technical Report 11.20.2012

Ilya Spivak, Head Strategist, APAC

Prices edged higher as expected after putting in a Hammer candlestick above the 23.6% Fibonacci expansion at 1.0367 to retest support-turned-resistance at the underside of a Rising Wedge chart pattern completed last week (1.0425). A move above that targets falling trend line resistance at 1.0462. Alternatively, a push below support aims for 1.0181. We continue to hold short.

Forex_Analysis_AUDUSD_Classic_Technical_Report_11.20.2012_body_Picture_1.png, Forex Analysis: AUD/USD Classic Technical Report 11.20.2012

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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