Forex Trading Technical Analysis (2010/07/14) AUD/USD Reaches Upside Target and Looks to Climb
(Please click on the forex chart thumbnail to enlarge)
7/14/2010 Forex Trading Technical Analysis (FXpath.com) – AUD/USD (a 4-hour chart of which is shown), as of Wednesday (7/14/2010), has reached and tentatively exceeded its 0.8850 resistance target after breaking out above its prior trading range resistance at 0.8785-90, as noted on Tuesday’s AUD/USD analysis . Currently, as price action has now tentatively broken out above 0.8850, further bullish momentum on this move within the context of the current short-term uptrend could potentially begin to target further key upside resistance around the psychologically-important 0.9000 price region. Downside support in the event of a turn down near current resistance continues to reside around the prior 0.8785-90 broken resistance.
(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)
James Chen, CTA, CMT (bio)
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