Forex Analysis: AUD/USD Classic Technical Report 12.12.2012
Prices are testing above resistance at the top (now at 1.0530) of a Rising Wedge pattern, with a break higher initially targeting the August 9 close at 1.0578. Near-term trend line resistance-turned support is at 1.0460, with a drop below that exposing the wedge bottom at 1.0435.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. 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.