Price action on AUD/USD, a 4-hour chart of which is shown, has reached and consolidated just under critical resistance around the key 0.8780 price region as of Friday (7/09/2010) morning. This currency pair has been strongly bullish for this entire week after bouncing up from a double-bottom low in the 0.8315 price region. For more technical analysis on this currency pair, please click here for Friday’s (7/09/2010) Chart of the Day.
James Chen, CTA, CMT
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Dear James,
I could not agree with you more on this Aussie pair. I have been waiting for that break out and was hoping it would happen this week. A 4 hour candle close above the .8800 would be ideal trigger. Have a good weekend
Cheers,
Roberto
Nice chart