AUD/USD (a 4-hour chart of which is shown) as of Friday (7/16/2010) has dropped back down to revisit and bounce up off strong support in the 0.8680 price region. This support level represents the same low that was hit earlier this week. The revisit of 0.8680 occurs on the heels of price dropping after failing an attempted upside break and close above 0.8850 resistance on Wednesday. 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