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Forex Analysis: AUD/USD Classic Technical Report 11.23.2012

Forex Analysis: AUD/USD Classic Technical Report 11.23.2012

2012-11-23 07:56:00
Ilya Spivak, Head Strategist, APAC
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Prices are consolidating below resistance at the underside of a Rising Wedge chart pattern completed last week (1.0446), a barrier reinforced by the top of a descending triangle pattern carved out since early August. A break higher targets 1.0578. Initial support lines up at 1.0367, the 23.6% Fibonacci expansion, with a break below that exposing the 1.0136-81 area. We continue to hold short.

Forex_Analysis_AUDUSD_Classic_Technical_Report_11.23.2012_body_Picture_1.png, Forex Analysis: AUD/USD Classic Technical Report 11.23.2012

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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