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AUD/USD Technical Analysis 05.09.2013

Ilya Spivak

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.

Forex_AUDUSD_Technical_Analysis_05.09.2013_body_Picture_5.png, AUD/USD Technical Analysis 05.09.2013

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

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