AUD/USD (a 4-hour chart of which is shown) as of Wednesday (7/21/2010) morning, has reached and turned down around the key 0.8850 price region, establishing a tentative triple top approximately matching the highs in June and earlier this month. On establishing this tentative triple top, price has turned down, respecting resistance for the time being. For more AUD/USD analysis, please click here.
(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)
James Chen, CTA, CMT