Tuesday September 9, 2008 - 15:19:39 GMT
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Chart of the Day - 9/09/2008 - 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.)
9/09/2008 â€“ AUD/USD â€“ As noted late last week, price action on AUD/USD (a daily chart of which is shown) has recently stalled in its virtual freefall of the last month and a half. This slight pause has occurred right above a very significant support/resistance and psychological level around the 0.8000 area (as represented on the chart by the yellow horizontal line). This level was reinforced by a close approach and bounce on Friday. Contributing to the strength of this horizontal line is a long-term uptrend line (represented by the lower green line) that currently coincides approximately with the 0.8000 level and the bounce that occurred on Friday. Any strong breakdown below this key level would likely carry the bearish momentum to target the 0.7680 support region. A pronounced bounce at or near the current strong support, on the other hand, could eventually target the 0.8350 resistance level once again, followed possibly by the key 0.8500 region further to the upside.
Chief Technical Analyst
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