Price action on AUD/USD, a daily chart of which is shown, continues to languish in a sideways consolidation, although the last couple of weeks have been decidedly bearish for the pair. After price reached strong resistance around 0.9325 in mid-January (just shy of the 15-month high around 0.9400 that was hit in mid-November 2009), the directional bias has been steeply bearish, forming a well-defined short-term downtrend resistance line. For more technical analysis on this currency pair, please click here for Wednesday’s (2/03/2010) Chart of the Day.
- James Chen, CTA, CMT
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Just doing a little trade planning ahead of tonight’s webinar at FX Street, and I’m pondering the future direction of AUD/USD