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Chart of the Day - 7/02/2009 – AUD/USD
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James Chen, CTA, CMT, is the Chief Technical Strategist at FX Solutions, a leading Forex broker. He is also a registered Commodity Trading Advisor (CTA) and a Chartered Market Technician (CMT). At FX Solutions, Mr. Chen writes daily currency .....
7/02/2009 – AUD/USD – Dollar-strengthening price action on AUD/USD, a daily chart of which is shown, has once again descended back down to a key uptrend support line extending from the March lows. This line has already been touched three times since its inception, and the current bearishness has created a fourth. While this currency pair can certainly be considered to be in an overall uptrend situation, the last several weeks have been marked by a prolonged sideways consolidation, much like the price action on other key currency pairs. Currently, as of this writing, price is right above the noted uptrend support line. Any significant breakdown of this line should target further strong support in the 0.7700 price region. In the event that price respects the current trendline with a bounce, an uptrend continuation would be confirmed only on a breakout above the 0.8263 uptrend high, which could then target further resistance in the 0.8500 price region.
James Chen, CMT Chief Technical Strategist FX Solutions IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. (Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; Fibonacci retracements in grey; 50-period simple moving average in light blue.)
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IMPORTANT NOTICE: These comments are for information purposes only. Past results are not necessarily indicative of future results. Trading Futures, Options on Futures, and Foreign Exchange involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. The information contained on this email does not constitute a solicitation to buy or sell by FX Solutions,LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. FX Solutions, LLC believes that customers should be aware of the risks associated with over-the-counter, spot Forex. Forex trading is highly speculative in nature which can mean currency prices may become extremely volatile. Forex trading is highly leveraged, since low margin deposits normally are required, an extremely high degree of leverage is obtainable in foreign exchange trading. A relatively small market movement will have a proportionately larger impact on the funds you have deposited. You may sustain a total loss of your funds. Since the possibility of losing your entire cash balance does exist, speculation in the Forex market should only be conducted with risk capital you can afford to lose which will not dramatically impact your lifestyle.  Related Products  Price: $ 49.95 Overview Adaptation is the name of the game in long term trading success. Join Fernando Gonzalez ...
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