AUD/USD Technical Analysis 05.09.2013
AUD/USD Technical Analysis– Prices are staging a recovery from multi-month range support in the 1.0163-81 area, a barrier reinforced by the 61.8% Fibonacci expansion at 1.0161. Overall positioning shows a Falling Wedge chart pattern, a setup hinting at a reversal higher may be brewing. Buyers are now testing the 38.2% level at 1.0246, with a break above that targeting the Wedge top at 1.0294.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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