Friday March 13, 2009 - 16:13:15 GMT
Share This Story
FX Solutions - www.fxsol.com
Chart of the Day - 3/13/2009 - AUD/USD
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)
3/13/2009 â€“ AUD/USD â€“ AUD/USD, a daily chart of which is shown, has recently been entrenched in a prolonged consolidation right above a gradual uptrend support line extending from the October 5-year lows (around 0.6000). Within the context of this consolidation, price has also formed a triangle-like formation which was just broken to the upside earlier in the week. This break was neither strong nor fast, so price can still be considered as wallowing in a sideways consolidation near long-term lows. Two potential trigger points reside above and below that would, if broken, signal a directional breakout of this consolidation. To the downside, any substantial breakdown of the previously noted uptrend support line should target strong support around the 0.6000 low. To the upside, any significant breakout above the 0.6800 support/resistance level could ultimately target further resistance in the 0.7265 price region.
James Chen, CMT
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."