Forex Analysis: AUD/USD Classic Technical Report 12.24.2012

DailyFX

Prices declined as expected after putting in a Harami candlestick pattern below multi-month range resistance at 1.0578. Sellers have now taken out support in the 1.0410-18, marked by the 38.2% Fibonacci retracement and the bottom of a rising channel set from early October. The next downside objective is at 1.0366, the 50% retracement. Alternatively, a reversal back above 1.0418 aims for the 23.6% level at 1.0482.

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Forex_Analysis_AUDUSD_Classic_Technical_Report_12.24.2012_body_Picture_1.png, Forex Analysis: AUD/USD Classic Technical Report 12.24.2012

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

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