Prices put in a Bearish Engulfing candlestick formation below resistance at the top of a Descending Triangle chart pattern carved out since late August, hinting a move lower is ahead. Initial support lines up at 1.0374, the bottom of a Rising Wedge set from the early-October sewing bottom, with a break beneath that targeting the 23.6% Fibonacci expansion at 1.0324. Major resistance is effectively at the 1.05 figure, with a push above that exposing the August 9 close at 1.0578. We continue to hold short.

Forex_Analysis_AUDUSD_Classic_Technical_Report_11.30.2012_body_Picture_1.png, Forex Analysis: AUD/USD Classic Technical Report 11.30.2012

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

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed