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AUD/USD Update - Retracement to the Line
Posted on September 12, 2008 at 14:13 in Analysis by James Chen

AUD/USD Daily Chart(Please click on the accompanying chart to enlarge.)

As shown on the accompanying AUD/USD daily chart, the exceptionally steep downtrend resistance line that has been in place on the pair since late July is still valid and respected as of Friday morning in New York. The bullish correctional bias that has been in effect yesterday and the early part of today so far, is nudging price ever closer to the downtrend resistance line. Currently, this trendline resistance resides around the 0.8200-0.8220 region. On the downside, support continues to reside around the 0.7900 level.

- James

James Chen is the Chief Technical Analyst at FX Solutions, a leading Forex broker. He is also a registered Commodity Trading Advisor (CTA) and a Chartered Market Technician (CMT) Level 3 candidate. At FX Solutions, Mr. Chen writes daily currency analysis, conducts forex trading seminars, and has authored numerous articles on currency trading and technical analysis for major financial publications. His upcoming book, Essentials of Foreign Exchange Trading (John Wiley & Sons), will be released in early 2009.

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