U.S. Markets closed

Forex Analysis: AUD/USD Classic Technical Report 11.30.2012

Ilya Spivak

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 1.0374, 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.


Forex_Analysis_AUDUSD_Classic_Technical_Report_11.30.2012_body_Picture_1.png, Forex Analysis: AUD/USD Classic Technical Report 11.30.2012

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.