Forex Analysis: AUD/USD Classic Technical Report 12.03.2012

DailyFX

Prices put in a Bearish Engulfing candlestick formation below resistance at the top of a Descending Triangle chart pattern carved out since late August, hinting a move lower is ahead. Initial support lines up at 1.0378, the bottom of a Rising Wedge set from the early-October sewing bottom, with a break beneath that targeting the 23.6% Fibonacci expansion at 1.0324. Major resistance is effectively at the 1.05 figure, with a push above that exposing the August 9 close at 1.0578. We continue to hold short.

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Forex_Analysis_AUDUSD_Classic_Technical_Report_12.03.2012_body_Picture_1.png, Forex Analysis: AUD/USD Classic Technical Report 12.03.2012

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--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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