| AUD/USD - Bearishness in Channel Posted: 24 Aug 2010 08:37 AM PDT  Price action on AUD/USD (a 4-hour chart of which is shown) as of Tuesday (8/24/2010) has tentatively dropped below 0.8850 support to establish a new one-month low, before correcting back up. This occurs after price came down from another re-test of the top of a new parallel downtrend channel extending from the early August 0.9220 peak. For more technical analysis on this currency pair, please click here for Tuesday’s (8/24/2010) 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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