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Technical Archives |
Written by FX Solutions |
Jul 22 10 20:50 GMT
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AUD/USD Bullish Breakout
Price action on AUD/USD (a 4-hour chart of which is shown) as of Thursday (7/22/2010) has broken out above the 0.8850 triple top high that was described yesterday . After breakout, price rose around 100 pips above the breakout at its height, as of this writing, with key upside resistance at 0.9000 clearly in sight. This occurs after price dropped off on the heels of hitting the triple top and dipped well below prior 0.8780 support. If price carries the bullish momentum to hit and breakout above 0.9000, further upside resistance resides around the 0.9150 price region. Tentative downside support within the current uptrend now resides around the broken 0.8850 prior resistance level.
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About the AuthorFX Solutions
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(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.) |
