Price action on AUD/USD, a daily chart of which is shown, began the new trading week by hitting a high that closely approached key 0.9400 resistance level, before retreating. This 0.9400 resistance level represents the long-term 15-month high hit in mid-November. The current bullishness occurs within the context of a medium-term uptrend extending from the early February low. For more technical analysis on this currency pair, please click here for Monday’s (4/12/2010) Chart of the Day.
- James Chen, CTA, CMT
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