FX Path

AUD/USD - Still Respecting Long-Term Uptrend

Posted: 05 Oct 2009 08:54 AM PDT

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. For more technical analysis on this currency pair, please click here for Monday’s (10/05/2009) Chart of the Day.

- James Chen, CTA, CMT

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