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  • AUDUSD Test Channel Resistance Line 0 comments
    May 21, 2012 11:57 AM | about stocks: FXA

    The AUDUSD (FXA) has a defined lower trend line where the price tested on a number of times in trading over the last 6 or so trading days. The price has consolidated since the low on Friday, and the sideways action has pushed the price toward a test of the topside trend line. This is a first topside test for the pair (the level comes in at 0.9862). A move above is needed to swing some of the bearishness toward the bulls (it is just step 1)

    The real test for the AUDUSD will be if, and when the price tests the 100 hour MA (blue line in the chart above currently at 0.9897 and moving lower). The price has not been able to close above this key MA since May 1st. So a breach would be significant.

    A close above the MA and subsequent move above the 2nd trend line at 99.05 currently, is needed to push more of the bias in favor of the bulls (if the price can stay above that is) and should lead to further corrective action.

    First things first, however - move above the topside trend line at the 0.9862 level.

    http://www.forexlive.com/blog/2012/05/21/audusd-test-channel-resistance-line/

    Themes: Currency ETF Stocks: FXA
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