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AUD/USD Technical Analysis 02.05.2013

AUD/USD Technical Analysis 02.05.2013

Ilya Spivak, Head Strategist, APAC

AUD/USD Technical Analysis- Prices turned lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern below multi-month range resistance in the 1.0578-1.0624 area. Sellers are now challenging rising trend line support set from late October (1.0401). A break lower exposes swing lows at 1.0360 and 1.0286. Alternatively, a reversal through support-turned resistance at 1.0485 targets the range top anew.

Forex_AUDUSD_Technical_Analysis_02.05.2013_body_Picture_1.png, AUD/USD Technical Analysis 02.05.2013

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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