U.S. Markets closed

Forex Analysis: AUD/USD Classic Technical Report 12.04.2012

Ilya Spivak

Prices are rebounding from support at a Rising Wedge pattern set from the early-October swing bottom but a Bearish Engulfing candlestick formation remains valid and continues to warn of forthcoming weakness. Initial resistance is in the 1.0484-1.0503 area, with a break above that exposing 1.0578 (the August 9 close). Wedge support is now at 1.0396. A drop below that aims for the 23.65 Fibonacci expansion at 1.0322. We continue to hold short.

Forex_Analysis_AUDUSD_Classic_Technical_Report_12.04.2012_body_Picture_1.png, Forex Analysis: AUD/USD Classic Technical Report 12.04.2012

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.