Friday October 17, 2008 - 15:56:51 GMT
Share This Story
FX Solutions - www.fxsol.com
Chart of the Day - 10/17/2008 - AUD/USD
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; horizontal support/resistance levels in yellow; chart pattern in grey; 50-period simple moving average in light blue.)
10/17/2008 â€“ AUD/USD â€“ Much like some other dollar-based pairs as of Friday (10/17/2008), price action on the AUD/USD daily chart, as shown, has formed a large inverted pennant/triangle formation. Currently, price is around the middle region of this triangle/pennant. If it is viewed as a continuation pattern, the bottom border of the triangle/pennant will be most closely monitored for any strong signs of breakdown. If this occurs, price should meet the first key support around the level of the last major low, in the 1.6330 region, which is also a significant historical support/resistance level. In reality, however, any strong break of this triangle/pennant, whether to the upside or the downside, would be an important and anticipated event. In the event of a breakout to the upside, price should target further resistance around the historically significant 1.7400 level.
Chief Technical Analyst
IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."