Forex Analysis: AUD/USD Classic Technical Report 12.18.2012

Prices are testing multi-month range resistance at 1.0578, with a Harami candlestick pattern warning that a move lower may be ahead. Channel support is now at 1.0462. A drop below that initially exposes the 1.04 figure. Alternatively, a break above resistance targets channel line resistance at 1.0656.

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