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AUD/USD Technical Analysis 05.22.2013

AUD/USD Technical Analysis 05.22.2013

2013-05-22 11:55:00
Ilya Spivak, Head Strategist, APAC
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AUD/USD Technical Analysis– Prices put in a bullish Piercing Line candlestick pattern, hinting at gains ahead. Initial resistance is at 0.9809, the 14.6% Fibonacci retracement, with a break above that exposing the 23.6% level at 0.9869. Near-term support is at 0.9710, the May 17 low.

Forex_AUDUSD_Technical_Analysis_05.22.2013_body_Picture_5.png, AUD/USD Technical Analysis 05.22.2013

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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