Forex Trading Technical Analysis (2010/09/01) AUD/USD Breaks Out
(Please click on the forex chart thumbnail to enlarge)
9/01/2010 Forex Trading Technical Analysis (FXpath.com) – 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. Currently, price action has broken out tentatively above 0.9070 area resistance. In the event of further bullish momentum on this run, price could target further upside in the 0.9200 price region, the area of the most recent major high reached in early August.
(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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