U.S. Markets open in 2 hrs 46 mins

Forex Analysis: AUD/USD Classic Technical Report 01.15.2013

Ilya Spivak

Prices put in a bearish Dark Cloud Cover candlestick pattern below multi-month range resistance in the 1.0578-1.0624 area, hinting a move lower is ahead. Initial support is at 1.0511, the 38.2% Fibonacci expansion.A break below that eyes rising trend line support at 1.0404. Alternatively, a push above the range top targets the 76.4% level at 1.0676.

Forex_Analysis_AUDUSD_Classic_Technical_Report_01.15.2013_body_Picture_1.png, Forex Analysis: AUD/USD Classic Technical Report 01.15.2013

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.