Chart of the Day

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(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; chart patterns in white; 50-period simple moving average in light blue.)

9/08/2010 – AUD/USD – Price action on AUD/USD (a 4-hour chart of which is shown) as of Wednesday (9/08/2010) has resumed its bullish stance, after a bearish pullback, to approach the last major resistance high around 0.9220 reached in early August. This occurs within the context of a general uptrend extending from the June low. In the event of a strong break above this 0.9220 resistance, price momentum could potentially target further upside around the key long-term 0.9400 highs, last approached in April. Significant downside support on the current bullishness continues to reside around the multi-tested 0.9070 price region.

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Published On Wed, Sep 8 2010, 18:48 GMT

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