Chart of the Day

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Chart of the Day – AUD/USD
Thu, Jul 2 2009, 16:16 GMT
by James Chen
FX Solutions

(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow
Stochastics on 2nd pane; horizontal support/resistance levels in
yellow; uptrend lines in green; downtrend lines in red; Fibonacci
retracements in grey; 50-period simple moving average in light blue.)
7/02/2009 – AUD/USD – Dollar-strengthening price action on AUD/USD, a
daily chart of which is shown, has once again descended back down to a
key uptrend support line extending from the March lows. This line has
already been touched three times since its inception, and the current
bearishness has created a fourth. While this currency pair can
certainly be considered to be in an overall uptrend situation, the last
several weeks have been marked by a prolonged sideways consolidation,
much like the price action on other key currency pairs. Currently, as
of this writing, price is right above the noted uptrend support line.
Any significant breakdown of this line should target further strong
support in the 0.7700 price region. In the event that price respects
the current trendline with a bounce, an uptrend continuation would be
confirmed only on a breakout above the 0.8263 uptrend high, which could
then target further resistance in the 0.8500 price region.
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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, Jul 2 2009, 16:23 GMT
Archive
- Chart of the Day – EUR/JPY
Published On Tue, Feb 9 2010, 16:02 GMT
- Chart of the Day – GBP/USD
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- Chart of the Day – EUR/USD
Published On Fri, Feb 5 2010, 16:44 GMT
- Chart of the Day – AUD/USD
Published On Wed, Feb 3 2010, 16:22 GMT
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Published On Tue, Feb 2 2010, 16:00 GMT
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