Open an Account Practice Account Account Funding Account Type Login Information
GTS Platforms Forex Spot Metal Automated Execution
Why Trade Forex Why FX SolutionsEducation Center Charting Fundamental Analysis Economic Calendar Forex Glossary FAQs
Company Profile Management Team Investors Company News Policy Statements
White Label Partnerships Introducing Brokers Institutional Trading Solutions Company Profile
Contact Us Account Forms NFA Announcements Consultants Live Chat TechNotes

Chart of the Day

More Articles >

AUD/USD Daily Chart — October 5, 2009

By James Chen , Published: 10/5/2009
(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.)

10/05/2009 – AUD/USD – Price action on AUD/USD, a daily chart of which is shown, has continued to respect a long-term uptrend support line (extending from March lows) despite the recent U.S. dollar strengthening that has occurred against the major currencies. Yet another bounce up off this support line occurred on Friday (10/02/2009), and price currently appears to be shooting to re-test strong resistance at the 13-month high around 0.8850 that was reached late last week. Although this currency pair is still in a strong uptrend, it is currently entrenched within a clear consolidation. A break of this consolidation could take one of two forms. An upside breakout above 0.8850 should confirm a continuation of the current uptrend, shooting first for resistance in the 0.8950 price region. The long-term upside target resides around the 0.9850 long-term high, which is a key 138.2% Fibonacci extension of the current uptrend. A downside breakout of the current consolidation should breakdown below the noted uptrend support line, targeting first the key 0.8500 support/resistance price region. Incidentally, there is also currently some bearish divergence between price and the Stochastics oscillator, as shown on the chart.

To download the latest version of FX AccuCharts
please click here: Download FX AccuCharts
 
James Chen, CMT
Chief Technical Strategist,
FX Solutions

*IMPORTANT NOTICE: The information contained herein is solely for informational purposes and should not be construed as trading advice. FX Solutions ("FXS") believes that the information contained herein is accurate however, FXS cannot guarantee the accuracy of said materials. Under no circumstances shall FXS have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance in connection with the collection, compilation, analysis, interpretation, editing, transcription, transmission, communication, publication or delivery of such information, or (b) any direct, indirect, compensatory or incidental damages whatsoever (including without limitation, lost profits) resulting from the use of or inability to use any such information. The charts and other opinions constituting the information contained herein are, and must be construed solely as statements of opinion and not statements of fact, recommendations and/or trading advice. FXS cautions that no single source of information should be used when making trading decisions. Click here for more information.