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AUD/USD Technical Analysis 06.05.2013

AUD/USD Technical Analysis 06.05.2013

Ilya Spivak, Head Strategist, APAC

AUD/USD Technical Analysis– Prices are pulling back from resistance at 0.9776, the 23.6% Fibonacci retracement. Near-term support is at 0.9580, marked by the July 2012 low, with a break below that initially eyeing the May 29 swing bottom at 0.9527. Alternatively, a reversal above resistance eyes the 38.2% level at 0.9930.

Forex_AUDUSD_Technical_Analysis_06.05.2013_body_Picture_5.png, AUD/USD Technical Analysis 06.05.2013

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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