Price action on AUD/USD, a daily chart of which is shown, has displayed some significant U.S. dollar strengthening in the past several trading days, much in the same manner as other dollar-based currency pairs. But the strong uptrend in AUD/USD, which has been firmly in place since early March, is currently still very much intact. The current bull market correction in this currency pair has thus far constituted a normal, minor retracement after over-extending to the upside in a steep bullish run. For more technical analysis on this currency pair, please click here for Wednesday’s (10/28/2009) Chart of the Day.
- James Chen, CTA, CMT
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