Wednesday September 24, 2008 - 14:21:28 GMT
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Chart of the Day - 9/24/2008 - 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; chart pattern in magenta; 50-period simple moving average in light blue.)
9/24/2008 â€“ AUD/USD â€“ Price action on the AUD/USD daily chart, as shown, has formed a pennant consolidation pattern that has followed immediately on the heels of a key downtrend resistance line breakout last week. The current pennant formation on the daily chart is represented on the chart by the magenta lines. In the event of a significant breakout above the upper border of this pennant, a potential upward continuation will have been signaled, and the next immediate resistance level to the upside resides around the top of the pennant. In turn, a strong break above the top of the pennant would confirm an uptrend continuation, potentially targeting the 0.8700 resistance region.
Chief Technical Analyst
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