Jan 6, 2011

FX Path

FX Path

AUD/USD - Fall to Bullish Channel Support Line

Posted: 06 Jan 2011 09:50 AM PST

Price action on AUD/USD (a daily chart of which is shown) as of Thursday (1/06/2011) has reached down to approach the bottom border of a key parallel uptrend channel that extends back to the early June 2010 lows. This occurs after price established a new multi-decade high around 1.0250 on New Year's Eve. For more technical analysis on this currency pair, please click here for Thursday’s (1/06/2011) 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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