| AUD/USD - Pattern Consolidation After Sharp Bullishness Posted: 06 Dec 2010 11:02 AM PST  Price action on AUD/USD (a 4-hour chart of which is shown) as of Monday (12/06/2010) has consolidated in a flag-like price pattern after having broken out above several different resistance levels in the past several days, including the top border of a key parallel downtrend channel extending from the early November high. The current flag consolidation occurs after price action hit the 61.8% Fibonacci retracement level. For more technical analysis on this currency pair, please click here for Monday’s (12/06/2010) Chart of the Day.
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