| AUD/USD - Rebound Bullishness Posted: 12 Jan 2010 08:02 AM PST  Price action on AUD/USD, a daily chart of which is shown, has made a swift rebound after breaking down below a long-term uptrend in late November. This rebound has brought the pair close to the 15-month high around 0.9400 that was hit in mid-November. In the course of the recent bullishness price has broken out above several resistance levels, including a short-term downtrend resistance line extending from the 0.9400 high, and has tentatively defied speculation that a new downtrend is in the making. For more technical analysis on this currency pair, please click here for Tuesday’s (1/12/2010) Chart of the Day.
- James Chen, CTA, CMT * For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here. 
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