Apr 12, 2010

FX Path

FX Path

AUD/USD - Approaches Key Long-Term Resistance

Posted: 12 Apr 2010 09:25 AM PDT

Price action on AUD/USD, a daily chart of which is shown, began the new trading week by hitting a high that closely approached key 0.9400 resistance level, before retreating. This 0.9400 resistance level represents the long-term 15-month high hit in mid-November. The current bullishness occurs within the context of a medium-term uptrend extending from the early February low. For more technical analysis on this currency pair, please click here for Monday’s (4/12/2010) 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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