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AUD/USD Reaches Higher Within Uptrend

AUD/USD (a 4-hour chart of which is shown) as of Monday (12/13/2010) has ascended once again to approach parity (1.0000) within the context of a steep parallel uptrend channel extending from the mid-year lows. From a chart pattern perspective, price action can be considered potentially to be in the midst of two opposing head-and-shoulders patterns. For more AUD/USD forex technical analysis, please click here.

James Chen, CTA, CMT