AUDUSD Classic Technical Report 09.05.2012
Prices are testing support at 1.0218, the 38.2% Fibonacci retracement, after taking out an interim barrier at 1.0285. A confirmed break downward exposes the 50% Fib at 1.0096. The 1.0285 mark has been recast as near-term resistance, with a push back above that targeting the 23.6% retracement at 1.0368.
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
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.