Jun 17, 2010

FX Path

FX Path

AUD/USD - Tentative Double Bottom Confirmation

Posted: 17 Jun 2010 09:09 AM PDT

Price action on AUD/USD, a daily chart of which is shown, has risen to approach resistance around the 0.8700 price region. This occurs after a double-bottom reversal pattern was tentatively confirmed on a breakout above the 0.8550 double-bottom peak early in the trading week. For more technical analysis on this currency pair, please click here for Thursday’s (6/17/2010) 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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