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James Chen
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James Chen, CTA, CMT is Director of Technical Research and Education at FXDD, a global leader in foreign exchange trading. He is also a registered Commodity Trading Advisor and a Chartered Market Technician. He is the author of the books, "Essentials of Foreign Exchange Trading" (John Wiley &... More
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FX Path
My book:
Essentials of Foreign Exchange Trading
  • Chart of the Day - 3/22/2010 – AUD/USD 0 comments
    Mar 22, 2010 12:01 PM

    (Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)

    3/22/2010 – AUD/USD – Price action on AUD/USD, a daily chart of which is shown, has tentatively broken down below a key medium-term uptrend line extending from the early February low. This occurs after price failed to reach 0.9325 area resistance in its prior bullishness. The tentative trendline breakdown places the pair firmly within the current overall trading range consolidation that has been in place since at least the November highs. In the event of a continuation of the bearishness that resulted in the noted trendline breakdown, a key downside target within the current consolidation resides around the 0.8800 price region. To the upside, in the event of a reversal of the bearishness that prompted the trendline breakdown, the mentioned 0.9325 price area should continue to serve as near-term range resistance.

    James Chen, CMT
    Chief Technical Strategist
    FX Solutions

    IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors.

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