Sep 28, 2010

FX Path

FX Path

AUD/USD - Steep Uptrend Continues

Posted: 28 Sep 2010 08:55 AM PDT

Price action on AUD/USD (a 4-hour chart of which is shown) as of Tuesday (9/28/2010) has just established a new 2+ year high and bumped up against key resistance in the 0.9650 price region after traversing a steep bullish trend channel extending back to the late August lows. This bullish trend is just one leg of a longer term uptrend extending back to the early June low. For more technical analysis on this currency pair, please click here for Tuesday’s (9/28/2010) 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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