AUD/USD Technical Analysis 02.08.2013

AUD/USD Technical Analysis- Prices turned lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern below multi-month range resistance in the 1.0578-1.0624 area. The pair is now staging a recovery from support at 1.0254, the 76.4% Fibonacci retracement. A break above initial resistance at 1.0320, the 61.8% Fib, exposes the 50% level at 1.0373. Alternatively, a drop through support targets the range bottom at 1.0173.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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