FX Path

Posted: 29 Sep 2009 08:30 AM PDT

After hitting a 13-month high close to the 0.8800 resistance last week, price action on AUD/USD, a daily chart of which is shown, has consolidated horizontally just above a key uptrend support line extending from the March lows. This currency pair is still very much entrenched in a clear uptrend, and the directional bias still appears to be to the upside. The key upside resistance level to watch for is the noted 0.8800 resistance. For more technical analysis on this currency pair, please click here for Tuesday’s (9/29/2009) Chart of the Day.

- James Chen, CTA, CMT

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