AUD/USD Bearish Stance within Downtrend Channel

By James Chen
24 August 2010 @ 11:16 am EDT

AUD/USD (a 4-hour chart of which is shown) as of Tuesday (8/24/2010) has tentatively dropped below 0.8850 support to establish a new one-month low, before correcting back up. This occurs after price came down from another re-test of the top of a new parallel downtrend channel extending from the early August 0.9220 peak. For more AUD/USD forex technical analysis, please click here.

James Chen, CTA, CMT

IBTimes Forex Experts

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