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Chart of the Day
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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.
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Published on Thu, Dec 4 2008, 17:15 GMT
Archive
- Chart of the Day – Gold
Published On Wed, Nov 4 2009, 16:31 GMT - Chart of the Day – EUR/USD
Published On Tue, Nov 3 2009, 16:05 GMT - Chart of the Day – AUD/USD
Published On Mon, Nov 2 2009, 15:50 GMT - Chart of the Day – EUR/USD
Published On Thu, Oct 29 2009, 14:35 GMT - Chart of the Day – AUD/USD
Published On Wed, Oct 28 2009, 14:29 GMT
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