Forex Analysis: AUD/USD Classic Technical Report 01.14.2013
Prices put in a bearish Dark Cloud Cover candlestick pattern below multi-month range resistance in the 1.0578-1.0624 area, hinting a move lower is ahead. Initial support is at 1.0511, the 38.2% Fibonacci expansion.A break below that eyes rising trend line support at 1.0401. Alternatively, a push above the range top targets the 76.4% level at 1.0676.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. 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.