Aug 26, 2010

FX Path

FX Path

AUD/JPY - Near Bottom of Large Triangle

Posted: 26 Aug 2010 09:25 AM PDT

Price action on AUD/JPY (a daily chart of which is shown) as of Thursday (8/26/2010) has formed a large and clear triangle consolidation pattern bisected by a key support/resistance level at 76.00.  This occurs after three weeks of general bearishness that dropped price down from the very top of the triangle to its current position near the very bottom. For more technical analysis on this currency pair, please click here for Thursday’s (8/26/2010) 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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