The Fed’s future path still seems more bullish than the European Central Bank. If so, the yiel...
Bullish Price Trend Continues in AUD/USD
03/18/2010 12:01 am EST
Click to Enlarge
(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.)
Bullish price action on AUD/USD, a daily chart of which is shown, continues to follow a well-defined uptrend support line extending from the early-February low.
In the process, price has just reached a new eight-week high. This strong medium-term uptrend places the key 0.9325-area resistance in clear and immediate focus.
In the event of continued bullish momentum, right above the 0.9325 price region resides further major resistance in the 0.9400 region, which represents the 15-month high hit in mid-November 2009.
In the opposite event that price corrects substantially and breaks the current uptrend support line significantly to the downside, a key longer-term support target resides in the 0.8800 price region.
By James Chen, chief technical strategist, FXSolutions.com
Related Articles on FOREX
Trade idea: No guarantees here of course, but maybe it’s a small caution flag for dollar bulls...
As of August 2015, renminbi (RMB) in payments globally accounted for 2.8 percent of the total, the f...
Our favorite horse to ride here for a “correction” lower would be the euro. And we would...