U.S. Markets open in 8 hrs 43 mins

AUD/USD Technical Analysis 02.13.2013

Ilya Spivak

AUD/USD Technical Analysis- Prices put in a bullish Piercing Line candlestick pattern, hinting a move higher is ahead. Positive RSI divergence reinforces the case for an upside scenario. A break above initial resistance at 1.0314, the 23.6% Fibonacci retracement targets the 38.2% level at 1.0368. Near-term support is at 1.0226.

Forex_AUDUSD_Technical_Analysis_02.13.2013_body_Picture_5.png, AUD/USD Technical Analysis 02.13.2013

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

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.