Prices declined as expected after putting in a Harami candlestick pattern below multi-month range resistance at 1.0578. Near-term support lines up at 1.0482, the 23.6% Fibonacci retracement. This barrier is reinforced by the bottom of a rising channel set from the October 8 low. A break downward exposes the 38.2% level at 1.0418. Alternatively, a push above resistance targets channel line resistance at 1.0656.

Forex_Analysis_AUDUSD_Classic_Technical_Report_12.19.2012_body_Picture_1.png, Forex Analysis: AUD/USD Classic Technical Report 12.19.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, e-mail 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