Thursday May 22, 2008 - 18:24:41 GMT
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Chart of the Day - 5/22/2008 - AUD/NZD
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance line in yellow; Fibonacci retracements in grey.)
5/22/2008 â€“ AUD/NZD â€“ Price on the AUD/NZD long-term WEEKLY chart, as shown, has just bounced down off a very significant confluence of resistance factors today. The current bearish weekly bar represents a retreat from this strong resistance. One of these resistance factors is the long-term historical high in the 1.2410-1.2440 region, where a double top was reached in mid-2006. This level is represented by the yellow horizontal support/resistance line. Another resistance factor lies in the fact that price has also reached the top of a medium-term parallel uptrend channel before turning back down today. This parallel channel is represented by the two green lines. Oscillators like the displayed Stochastics are also indicating a bearish outlook, as they are in extremely overbought territory and starting to arc down. In the event of a further continuation of todayâ€™s bearish move, strong support resides in the 1.2000 region, which also corresponds approximately with a significant 38.2% Fibonacci Retracement level (the high-to-low retracement span being measured from the last touch of the channelâ€™s bottom line to the most recent touch of the channelâ€™s top line).
Chief Technical Analyst
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