Chart of the Day
6
0
Chart of the Day − AUD/USD
Thu, Dec 4 2008, 17:12 GMT
by James Chen
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; horizontal support/resistance levels in yellow; chart pattern in magenta; 50-period simple moving average in light blue.)
12/04/2008 – AUD/USD – Much like the consolidations that have been prevailing in other currency pairs lately, the AUD/USD (a daily chart of which is shown) has been forming a large symmetrical triangle pattern. Currently, price is around the approximate vertical middle of the triangle, unable to choose decisively in which direction to go. To the immediate upside within this triangle, 0.6600 is a clear short-term resistance level, a clean break of which could mean an eventual upmove and break above the top border of the triangle. In this event, there is potential for a subsequent reversal of the prevailing downtrend. There is, however, somewhat of a greater technical bias towards an eventual move towards the bottom border of the triangle and a possible bearish break of the pattern. In this event, the triangle will have shown signs of it being a continuation pattern. Of course, a major downtrend continuation would only be confirmed on a break below the 0.6000 zone which represents the recent 5+ year low in the pair.
* Visit my forex tips and techniques blog here: 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 Thu, Dec 4 2008, 17:15 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
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.Related reports
FX Thoughts for the Day by Kshitij Consultancy Service
Fri, Jul 3 2009, 12:23 GMT
Asia Market Update - Most Asian equities indices track the US session declines as nonfarm payrolls data disappoints by TradeTheNews.com
Fri, Jul 3 2009, 11:55 GMT
Market Session Snap-Shot by ACM - Advanced Currency Markets
Fri, Jul 3 2009, 09:58 GMT
Forex Daily Analysis - Dollar Soars as its Global Reserve Currency Status Returns to the Forefront by ForexYard
Fri, Jul 3 2009, 08:28 GMT
Trading Currency - A Summary - Currency Markets - Morning Report by Master The Markets
Fri, Jul 3 2009, 08:10 GMT
Related content
Australian Motor Vehicle Sales Up Adj 11.8% In June
Dow Jones | Fri, Jul 3 2009, 02:00 GMT
JPY crosses popping bit higher
Forex Live | Fri, Jul 3 2009, 01:47 GMT
AUD/USD technicals: breach of bullish trendline
Forex Live | Thu, Jul 2 2009, 22:04 GMT
AUD/USD touching bullish trendline
Forex Live | Thu, Jul 2 2009, 21:56 GMT
Forex: AUD/USD tumbles after bad employment data
FXstreet.com | Thu, Jul 2 2009, 13:40 GMT
Interested in forex trading? forex brokerage firms!
GET CASH BACK FOR YOUR TRADES! Learn more about the Pip Rebate Program
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.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.