Price action on AUD/USD (a daily chart of which is shown) as of Wednesday (3/16/2011) has dropped down to approach its key support target in the 0.9800 price region before rebounding. This occurs on a breakdown below a triangle consolidation pattern extending from the long-term 1.0250 high. For more technical analysis on this currency pair, please click here for Wednesday’s (3/16/2011) Chart of the Day.
James Chen, CTA, CMT
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