Thursday December 4, 2008 - 17:33:58 GMT
Share This Story
FX Solutions - www.fxsol.com
Chart of the Day - 12/04/2008 - AUD/USD
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; horizontal support/resistance levels in yellow; chart pattern in magenta; 50-period simple moving average in light blue.)
12/04/2008 â€“ AUD/USD â€“ Much like the consolidations that have been prevailing in other currency pairs lately, the AUD/USD (a daily chart of which is shown) has been forming a large symmetrical triangle pattern. Currently, price is around the approximate vertical middle of the triangle, unable to choose decisively in which direction to go. To the immediate upside within this triangle, 0.6600 is a clear short-term resistance level, a clean break of which could mean an eventual upmove and break above the top border of the triangle. In this event, there is potential for a subsequent reversal of the prevailing downtrend. There is, however, somewhat of a greater technical bias towards an eventual move towards the bottom border of the triangle and a possible bearish break of the pattern. In this event, the triangle will have shown signs of it being a continuation pattern. Of course, a major downtrend continuation would only be confirmed on a break below the 0.6000 zone which represents the recent 5+ year low in the pair.
Chief Technical Strategist
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."