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AUD/USD Drops to Key Support Target, Continued Bearish Bias

AUD/USD (daily chart) as of Tuesday (10/04/2011) has dropped down to a key support target in the 0.9400 price region after five consecutive bearish days that brought the pair plummeting down from its correction highs near parity (1.0000). This occurs within the context of an exceptionally steep downtrend that initiated from the 1.0760 high in the beginning of September. For more AUD/USD forex technical analysis, please click here.

James Chen, CTA, CMT
Director of Technical Research and Education