FX Path

AUD/USD - Bearish Correction within Uptrend

Posted: 21 Sep 2009 08:15 AM PDT

As with other dollar-based currency pairs, AUD/USD, a daily chart of which is shown, has begun to show signs of some dollar recovery after the pummeling that the greenback has been taking against several currencies in the past couple of weeks. After reaching a high of 0.8775 late last week, this overbought pair fell substantially both right before last week's close and on this week's open. For more technical analysis on this currency pair, please click here for Monday’s (9/21/2009) Chart of the Day.

- James Chen, CTA, CMT

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