Chart of the Day

Chart of the Day − AUD/USD

Tue, Jul 1 2008, 15:34 GMT
by James Chen

FX Solutions


AUD/USD Daily Chart

(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance line in yellow; 200-period simple moving average in light blue.)

7/01/2008 – AUD/USD – After rising in a rather steady long-term uptrend for years, AUD/USD (the daily chart of which is shown), has hit what amounts to a triple top formation. This resistance level is in the 0.9645-0.9665 price region, and is represented on the chart by the short yellow horizontal line. Oscillators like the displayed Stochastics are confirming this bearish turn, as they are emerging unmistakably down from overbought. Furthermore, this oscillator confirmation occurs during a currently ranging situation, where oscillators purportedly provide their best indications. In the event that this downward continuation after the turn at resistance occurs, the next major support to the downside resides around the key uptrend support line, represented on the chart by the lower green line.

 *** Visit my blog here on FXstreet at http://fxpath.fxstreet.com ***

IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors.

Published on  Tue, Jul 1 2008, 15:36 GMT

Archive

FX Solutions, LLC  | Saddle River Executive Centre 1 Route 17 South, Suite 260 Saddle River, New Jersey 07458
http://www.fxsolutions.com | info@fxsol.com

Legal disclaimer and risk disclosure

FX Solutions, L.L.C.® assumes no responsibility for errors, inaccuracies or omissions in these materials. FX Solutions, L.L.C.® does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FX Solutions, L.L.C.® shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials.

Interested in forex trading? forex brokerage firms!


GFT
Contact the broker/FDM
Open a demo account
Interbank FX, LLC
Contact the broker/FDM
Open a demo account
GFS Forex & Futures
Contact the broker/FDM
Open a demo account		FXA Securities Ltd ( MF Global Group)
Contact the broker/FDM
Open a demo account		Capital Market Services, L.L.C.
Contact the broker/FDM
Open a demo account

FXstreet.com will give you a 3 months membership as soon as minimum rebates have been generated (€150 for private trader/ €300 for corporate trader)

[Read Premium full description]


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management.

Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

©2008 "FXstreet.com. The Forex Market" All Rights Reserved.