| AUD/USD - Bearishness Reaches Key Range Support Posted: 26 Jan 2010 10:37 AM PST  Price action on AUD/USD, a daily chart of which is shown, has descended back down to hit key support around the 0.8950 price region before retreating back up. This occurs within the context of an overall sideways consolidation, after price reached strong resistance around 0.9325 in mid-January (just shy of the 15-month high around 0.9400 that was hit in mid-November 2009). Currently, U.S. dollar strength appears to be exerting some general downside pressure on this currency pair, pushing it towards a potential new downtrend, much like what currently appears to be occurring with EUR/USD. For more technical analysis on this currency pair, please click here for Tuesday’s (1/26/2010) Chart of the Day.
- James Chen, CTA, CMT * For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here. 
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