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