Tuesday July 1, 2008 - 15:42:57 GMT
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Chart of the Day - 7/01/2008 - AUD/USD
(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; 200-period simple moving average in light blue.)
7/01/2008 â€“ AUD/USD â€“ After rising in a rather steady long-term uptrend for years, AUD/USD (the daily chart of which is shown), has hit what amounts to a triple top formation. This resistance level is in the 0.9645-0.9665 price region, and is represented on the chart by the short yellow horizontal line. Oscillators like the displayed Stochastics are confirming this bearish turn, as they are emerging unmistakably down from overbought. Furthermore, this oscillator confirmation occurs during a currently ranging situation, where oscillators purportedly provide their best indications. In the event that this downward continuation after the turn at resistance occurs, the next major support to the downside resides around the key uptrend support line, represented on the chart by the lower green line.
Chief Technical Analyst
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