Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Forex Trading Technical Analysis (2010/08/02) AUD/USD Reaches Upside Target, Bullish Bias

AUD/USD (a 4-hour chart of which is shown) as of Monday (8/02/2010) has closely approached its upside resistance target in the 0.9150 price region after breaking out today above last week’s high of 0.9067.  This breakout confirms the continuation of a strong uptrend represented by a clear uptrend support line. For more AUD/USD technical analysis, please click here.

James Chen, CTA, CMT