width=398(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.)

AUD/USD, a 4-hour chart of which is shown, has once again tested upside resistance within the context of the current horizontal trading range. Resistance on this trading range resides in the 0.8790 price region, while support resides around 100 pips lower in the 0.8690 price region. AUD/USD was strongly bullish for all of last week after bouncing up from a double-bottom low in the 0.8315 price region. For more AUD/USD analysis, please click here.

James Chen, CTA, CMT