Thursday June 17, 2010 - 16:23:40 GMT
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Chart of the Day - 6/17/2010 β 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.)
6/17/2010 β AUD/USD β Price action on AUD/USD, a daily chart of which is shown, has risen to approach resistance around the 0.8700 price region. This occurs after a double-bottom reversal pattern was tentatively confirmed on a breakout above the 0.8550 double-bottom peak early in the trading week. In the event of further bullishness that breaks out above the noted 0.8700 resistance, the double-bottom formation has a potential opportunity to complete. A completion of this pattern would be realized if price extends up the length of the pattern low to the pattern peak, starting from the peak breakout at 0.8550. The price level of this patternβs profit target extension resides slightly above 0.9000, which is a key upside resistance target in its own right.
James Chen, CMT
Chief Technical Strategist
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