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Forex Analysis: AUD/USD Classic Technical Report 01.16.2013

Forex Analysis: AUD/USD Classic Technical Report 01.16.2013

Ilya Spivak, Head Strategist, APAC

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 1.0407. Alternatively, a push above the range top targets the 76.4% level at 1.0676.

Forex_Analysis_AUDUSD_Classic_Technical_Report_01.16.2013_body_Picture_1.png, Forex Analysis: AUD/USD Classic Technical Report 01.16.2013

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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