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AUD/USD Daily Support…

Posted on March 24, 2009 at 18:35 in Trading Desk by Ryan O'Keefe

Howdy!

Last week was slow on the blog, I took some time out to spend it with an old friend and what a show I missed! USD/CAD tanked, Bernake made more promises, EUR/USD rallies 450+ points in a day and GBP/USD makes comeback! I hope you were able to capture some of the fun last week!

Tonight I’m looking at the AUD/USD. This pair continues to trade within a channel we marked up weeks ago and has made a decent bounce off the bottom, presumably headed for the top of the channel eventually.

If you look at the hourly chart, there appears to be a small head & shoulders pattern which may suggest the rally needs a pull back to find more buyers.

I’d like to see some support build in following a pull back to the $0.6850 / $0.6800 levels I’ve drawn on the daily charts before this trend continues but if it is strong enough, it may turn around $0.6930 / $0.6900, I am awaiting the right bullish price action along support…

Best of luck,

Ryan

IMPORTANT NOTICE: These comments are for information purposes only. My opinions or other information contained in this post do not constitute investment advice. It should not be understood as a direct recommendation to buy or sell any currency contract or other investment vehicle. Forex trading involves substantial risk of loss and is not suitable for all investors.

One Response to “AUD/USD Daily Support…”

on 25 Mar 2009 at 5:57 pm1Christian

Nice one Ryan, this time we think alike.

May the AUDUSD pulls back nicely,
C.

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