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Chart of the Day - AUD/USD |
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Technical Archives |
Written by FX Solutions |
Aug 13 10 15:31 GMT
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Chart of the Day - AUD/USD
8/13/2010 - AUD/USD - Price action on AUD/USD (a 4-hour chart of which is shown) as of Friday (8/13/2010) morning has formed what could potentially be an inverted flag pattern, a consolidation/continuation pattern that often occurs in the midst of a bearish move like what AUD/USD has been experiencing for most of this week. This pattern occurs after price hit a 3-month high just above 0.9200, then broke down below a well-formed uptrend support line extending from the early July double bottom low, and then finally approached its downside support target around the 0.8900 price region. In the event that the current flag pattern is broken decisively to the downside, followed by a breakdown below 0.8900, bearish momentum could begin targeting key downside support in the 0.8600 price region.
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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.) |
