Forex Analysis: AUD/USD Classic Technical Report 01.30.2013

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. Prices a pulling back support-turned-resistance at 1.0485 to challenge rising trend line support set from late October (1.0393). A break lower exposes swing lows at 1.0344 and 1.0286. Alternatively, a reversal through resistance targets a range top at 1.0578-1.0624.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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