Chart of the Day
AUD/USD 4-Hour Chart — July 9, 2010
By
James Chen
, Published:
07/09/2010
(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.)
7/09/2010 – AUD/USD – Price action on AUD/USD, a 4-hour chart of which is shown, has reached and consolidated just under critical resistance around the key 0.8780 price region as of Friday (7/09/2010) morning. This currency pair has been strongly bullish for this entire week after bouncing up from a double-bottom low in the 0.8315 price region. After that double-bottom was established and confirmed on a breakout above the double-bottom peak, price has continued its bullish stance up to the current 0.8780 resistance juncture. In the event of a strong breakout above this resistance, an immediate further resistance target to the upside resides in the 0.8850 price region. A further upside target, in the event that 0.8850 is broken, resides around the key 0.9000 price region.
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James Chen, CMT
Chief Technical Strategist,
FX Solutions
Chief Technical Strategist,
FX Solutions
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