Tuesday May 20, 2008 - 14:16:06 GMT
Share This Story
FX Solutions - www.fxsol.com
Chart of the Day - 5/20/2008 - AUD/USD
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; 50-period simple moving average in light blue.)
5/20/2008 â€“ AUD/USD â€“ As of this writing, the current daily price bar on the AUD/USD price chart, as shown, has just broke out tentatively above a key dynamic resistance level. This level is represented on the chart by the top green line. The violation of this line means that price has just reached a 24-year record high in the pair, easily breaking the previous 24-year record high set just yesterday. This very significant milestone follows a long-term, consolidating uptrend in the pair that can be considered a wedge-shaped formation (as represented on the chart by the converging green lines). With the current tentative breakout to the upside, however, this wedge-like consolidation does not appear to be acting like a classic rising wedge, which is usually thought of as bearish. If price follows through to exceed the 0.9650 region, which it looks eventually poised to do, the pair will have broken the 25-year record high. The next major resistance to the upside, in this event, is the 0.9900 region.
Chief Technical Analyst
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.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."