| AUD/USD - Significant Break to the Upside Posted: 01 Sep 2010 11:37 AM PDT  Price action on AUD/USD (a 4-hour chart of which is shown) as of Wednesday (9/01/2010) has broken out above several resistance levels, establishing a new 3-week high in the process. This occurs after price action broke out above an important parallel downtrend channel last week, corrected back down to re-test key 0.8850 area support as well as the top border of the broken downtrend channel, and then shot up from that support base. For more technical analysis on this currency pair, please click here for Wednesday’s (9/01/2010) 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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