| AUD/USD - Approach of Long-Term High Posted: 29 Dec 2010 08:45 AM PST  Price action on AUD/USD (a daily chart of which is shown) as of Wednesday (12/29/2010) has risen to approach the extremely long-term, decades-long high around 1.0180 that was just hit in early November. This bullishness occurs within the context of a clear parallel uptrend channel extending from the mid-year lows. From a currency strength perspective, the Australian dollar has been among the very strongest of the major currencies for the year 2010. For more technical analysis on this currency pair, please click here for Wednesday’s (12/29/2010) 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.
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