Chart of the Day
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Chart of the Day − AUD/USD
Fri, Sep 5 2008, 16:13 GMT
by James Chen
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance line in yellow; 200-period simple moving average in light blue.)
9/05/2008 – AUD/USD – From a longer-term perspective on the AUD/USD daily chart, as shown, we can see that as of Friday morning in New York, price has closely approached and tentatively retreated from a very significant support/resistance level around the 0.8000 region (as represented on the chart by the yellow horizontal line). This level has been tested and respected several times as resistance in past years, but not yet as support (until Friday morning’s price action). Therefore, this is currently the key level to watch. Within the context of the remarkable plummet that has occurred in this pair for the last month and a half, price has broken numerous significant support levels on its way down. The current 0.8000 level may just be another flimsy barrier that is summarily tossed aside, or it may represent a true obstacle to the freefall. Any strong breakdown of this support level should target further key support around the 0.7680 region. A clear bounce and subsequent correction, on the other hand, could target major resistance around the 0.8500 region.
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Published on Fri, Sep 5 2008, 16:15 GMT
Archive
- Chart of the Day – AUD/USD
Published On Thu, Jul 2 2009, 16:16 GMT - Chart of the Day – EUR/GBP
Published On Wed, Jul 1 2009, 16:15 GMT - Chart of the Day – USD/CAD
Published On Tue, Jun 30 2009, 15:31 GMT - Chart of the Day – GBP/USD
Published On Mon, Jun 29 2009, 14:44 GMT - Chart of the Day – EUR/JPY
Published On Fri, Jun 26 2009, 15:53 GMT
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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 trade 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.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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