Monday September 15, 2008 - 16:03:09 GMT
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Chart of the Day - 9/15/2008 - AUD/USD
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend line in red; 200-period simple moving average in light blue.)
9/15/2008 â€“ AUD/USD â€“ As of Monday morning (New York session) price action on the AUD/USD daily chart, as shown, has continued to respect the steep downtrend resistance line that has been in place since late July. This is despite a slight poke above the line that occurred in the early hours of Mondayâ€™s trading. Any downward continuation of the pullback to resistance should meet strong support around 0.7900, the level of the last swing low. If price subsequently breaks down below that support level, a continuation of the steep downtrend will have been confirmed, and the next immediate support level below that resides around the 0.7800 level, which is where the long-term uptrend support line is currently located. On the upside, the steep downtrend line should continue to serve as resistance for the short-term. Any strong break and close above this line should initially target the 0.8350 region.
Chief Technical Analyst
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