Thursday December 10, 2009 - 19:14:12 GMT
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FX Times: Daily Technical Update AUD/USD Target Hit, Reassess
9:09 AM EST
December 10th, 2009
- 1H: The AUD/USD reached the target projection calculated from VT Traderâ€™s Chart Pattern Recognition feature. (Refer to Daily Technical Update 12.09.2009 AUD/USD and Daily Video Technical Update 12.09.2009).
- The 0.9150 target was reached, and the market almost touched
0.9200. We are at resistance, which will be converging with the
upsloping trendline. If the market stays below 0.9200, we may have
established a short-term range between 0.9020 and 0.9200. Therefore,
any sign of reversal may be an signal for the short-term bullish
outlook to now turn to short-term bearish outlook with a target to the
- 4H: A break above still meets retracement
resistance immediately above at 0.9260 (78.6%), which would coincide
with a downsloping trendline. Topping action here may be followed by a
decline towards 0.8950-0.9000. A break above that trendline would
target previous peak at 0.9400.
- In the medium-term we are in ranging action between 0.8900 and 0.9400.
Commodity Trading Advisor
Information and opinions contained in this report are for
educational purposes only and do not constitute an investment advice.
While the information contained herein was obtained from sources
believed to be reliable, author does not guarantee its accuracy or
completeness. CMS will not accept liability for any loss of profit or
damage which may arise directly, indirectly or consequently from use of
or reliance on the trading set-ups or any accompanying chart analyses.
Foreign currency trading is not conducted on an exchange. CMS is
acting as a counterparty to its clientsâ€™ transactions and as a result,
CMSâ€™ interests may be in conflict with its clients. Since CMS acts as
the buyer or seller in the transaction one should carefully evaluate
any trade recommendation provided by CMS or any of its solicitors.
Foreign currency trading involves a substantial risk of loss and may
not be suitable for all investors.
All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.
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