• Home ::
• Technical ::
• Analysis Reports ::
• Chart of the Day

• Send
• Print
• Add To
• Rss

Chart of the Day

4d54f640-2590-4235-92ae-2942258d3ec8

7

4

Chart of the Day – AUD/USD

Mon, Jul 27 2009, 15:01 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; 50-period simple moving average in light blue.)

7/27/2009 – AUD/USD – Price action on AUD/USD, a daily chart of which is shown, has finally reached up to (and was tentatively rejected by) key resistance in the 0.8260 price region, which represents the highest high in the current uptrend that was reached in early June. This level is of substantial technical importance, as the way in which price interacts with this support/resistance region should dictate whether or not there will be an uptrend continuation in the currency pair. Any strong subsequent breakout above the 0.8260 level should confirm this uptrend continuation, with a major upside resistance target in the 0.8500 price region. Conversely, if the 0.8260 level is respected, and not breached in any significant manner, major downside support in the event of another pullback or consolidation continues to reside in the key 0.7700 price region.

* 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  Mon, Jul 27 2009, 15:03 GMT