| EUR/USD Technical Outlook Posted: 05 May 2010 12:26 PM PDT  EUR/USD, a daily chart of which is shown, resumed its bearish drive in the month of April, continuing the strong downtrend that has been in place since the early December 2009 high. April saw some bullish corrections, but ended the month lower than it began. The beginning of May is seeing some dramatic continued bearishness, confirming that EUR/USD is still very much entrenched within a steep downtrend. Price broke down cleanly below several key support levels in the beginning of May, including 1.3250, 1.3100, and 1.2900. Currently, the outlook for the rest of May continues to carry an overall bearish bias in line with the current prevailing downtrend. As of early May, EUR/USD stands at a fresh 13-month low. In the expected event of continued bearishness for this currency pair, a key downside support target resides in the 1.2500 price region. Before that level is potentially reached, however, price action could likely be characterized by multiple short-term counter-trend (bullish) corrections.
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.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here. 
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| AUD/USD - Bearishness Approaches 0.9000 Support Posted: 05 May 2010 11:06 AM PDT  Price action on AUD/USD, a daily chart of which is shown, has broken the previous intra-range uptrend and dropped to approach key support in the important 0.9000 price region. This occurs within an overall sideways trading range extending from late 2009, and after price hit a high approaching the significant 0.9400 resistance level in mid-April. For more technical analysis on this currency pair, please click here for Wednesday’s (5/05/2010) 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.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here. 
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