Chart of the Day - 5/05/2010

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Wednesday May 5, 2010 - 17:38:50 GMT
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Chart of the Day - 5/05/2010 – 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.)

5/05/2010 – AUD/USD – Price action on AUD/USD, a daily chart of which is shown, has broken the previous intra-range uptrend and dropped to approach key support in the important 0.9000 price region. This occurs within an overall sideways trading range extending from late 2009, and after price hit a high approaching the significant 0.9400 resistance level in mid-April. In the event of a continuation of the current bearishness that goes on to break down below 0.9000, a key support target further to the downside resides in the 0.8800 price region. In the event of a further breakdown below that level, another important support target to the downside resides around the 0.8600 price region.

James Chen, CMT
Chief Technical Strategist
FX Solutions

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Wednesday May 5, 2010 - 17:38:50 GMT FX Solutions - www.fxsol.com