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Daily Analysis for AUDUSD, 25.10.2012 October 25, 2012

The currency pair AUDUSD made a sharp correction after testing the level from 1.0148. The high from August 14 is likely to compose part of wave E of a triangle that began at the 2011 high. Weakness below 1.0148 would change focus to 0.9968 – 0.9979. Strength above 1.0411 would face resistance at 1.0442.

The impulsive nature of the rally from 1.0235 supposes that the break will be higher.

Resistance:  1.0411 1.0442

Support: 1.0264 1.0293 1.0325 1.0364



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