Forex Trading Technical Analysis (2010/08/02) AUD/USD Reaches Upside Target, Bullish Bias
(Please click on the forex chart thumbnail to enlarge)
8/02/2010 Forex Trading Technical Analysis (FXpath.com) – AUD/USD (a 4-hour chart of which is shown) as of Monday (8/02/2010) has closely approached its upside resistance target in the 0.9150 price region after breaking out today above last week’s high of 0.9067. This breakout confirms the continuation of a strong uptrend represented by a clear uptrend support line extending from the early-July double bottom low. In the event of a strong breakout and close above the noted 0.9150 resistance target, bullish momentum within the current uptrend could potentially begin targeting key upside resistance in the 0.9400 price region, which represents the long-term high hit in November 2009.
(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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