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Chart of the Day

Chart of the Day – AUD/USD

Fri, Aug 7 2009, 16:08 GMT
by James Chen

FX Solutions  |  View company's profile


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AUD/USD Daily Chart

(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.)

8/07/2009 – AUD/USD – Price action on AUD/USD, a daily chart of which is shown, has approached resistance around 0.8500 before correcting back down to a new short-term uptrend line extending from the mid-July 0.7700 low. The current bearish correction could potentially go on to breakdown below this trendline and reach towards further support in the 0.8260 support/resistance region. To the upside, a continuation of the current prevailing uptrend would be confirmed on a breakout above the 0.8470 high. In the event that price continues up above the noted 0.8500 support/resistance region, a significant further resistance target to the upside resides around the 0.8800 price region.

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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  Fri, Aug 7 2009, 16:26 GMT

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