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AUD/USD Technical Analysis 02.07.2013

AUD/USD Technical Analysis 02.07.2013

2013-02-07 12:33:00
Ilya Spivak, Head Strategist, APAC
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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 have now pushed through rising trend line support set from late October and took out the December 26 low at 1.0344. The next key downside barrier is the November 16 bottom at 1.0286, with a drop below that aiming for the range bottom at 1.0173. The 1.0344 level has been recast as resistance, with a move back above that eyeing the trend line (now at 1.0405) anew.

Forex_AUDUSD_Technical_Analysis_02.07.2013_body_Picture_1.png, AUD/USD Technical Analysis 02.07.2013

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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