Substantial dollar-weakening to begin the week has just approached the 14-month high for AUD/USD, a daily chart of which is shown. This occurs after price action broke out cleanly above a short-term downtrend resistance line extending from that high. AUD/USD, much like EUR/USD, continues to operate within the context of a long-term uptrend extending from March. Also much like EUR/USD, if the 14-month high on AUD/USD (around 0.9325) is broken strongly to the upside, an uptrend continuation will have been confirmed. For more technical analysis on this currency pair, please click here for Monday’s (11/09/2009) Chart of the Day.
- James Chen, CTA, CMT
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* Follow my intraday forex updates on Twitter: http://twitter.com/JamesChenFX
Technical Trading Tips and Techniques by 

Will be keeping an eye on it.