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AUD/USD Technical Analysis 03.13.2013

AUD/USD Technical Analysis 03.13.2013

2013-03-13 04:14:00
Ilya Spivak, Head Strategist, APAC
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AUD/USD Technical Analysis– Prices broke resistance at 1.0298, the 38.2% Fibonacci retracement, exposing the 1.0355-65 area marked by the 50% level and a horizontal pivot. A break above this boundary aims for the 61.8% retracement at 1.0412. The 1.0298 level has been recast as near-term support, with a turn back below that eyeing trend line resistance-turned-support at 1.0261. We continue to hold long.

Forex_AUDUSD_Technical_Analysis_03.13.2013_body_Picture_5.png, AUD/USD Technical Analysis 03.13.2013

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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