U.S. Markets closed

Forex Analysis: AUD/USD Classic Technical Report 11.22.2012

Ilya Spivak

Prices are pulling back from resistance at the underside of a Rising Wedge chart pattern completed last week (1.0437). This barrier is reinforced by the top of a descending triangle pattern carved out since early August, now at 1.0448. Initial support lines up at 1.0367, the 23.6% Fibonacci expansion, with a break below that exposing the 1.0136-81 area. We continue to hold short.

Forex_Analysis_AUDUSD_Classic_Technical_Report_11.22.2012_body_Picture_1.png, Forex Analysis: AUD/USD Classic Technical Report 11.22.2012

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.