Forex Analysis: AUD/USD Classic Technical Report 11.23.2012

Ilya Spivak

Prices are consolidating below resistance at the underside of a Rising Wedge chart pattern completed last week (1.0446), a barrier reinforced by the top of a descending triangle pattern carved out since early August. A break higher targets 1.0578. Initial support lines up at 1.0367, the 23.6% Fibonacci expansion, with a break below that exposing the 1.0136-81 area. We continue to hold short.


Forex_Analysis_AUDUSD_Classic_Technical_Report_11.23.2012_body_Picture_1.png, Forex Analysis: AUD/USD Classic Technical Report 11.23.2012
Forex_Analysis_AUDUSD_Classic_Technical_Report_11.23.2012_body_Picture_1.png, Forex Analysis: AUD/USD Classic Technical Report 11.23.2012

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, please CLICK HERE


New to FX? Watch this Video. For live market updates, visit the Real Time News Feed



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.