November 9, 2009 11:06 AM
AUD/USD - Reaching for New Long-Term Highs
0Substantial dollar-weakening to begin the week has just approached the 14-month high for AUD/USD, a daily chart of which is shown. This occurs after price action broke out cleanly above a short-term downtrend resistance line extending from that high. AUD/USD, much like EUR/USD, continues to operate within the context of a long-term uptrend extending from March. Also much like EUR/USD, if the 14-month high on AUD/USD (around 0.9325) is broken strongly to the upside, an uptrend continuation will have been confirmed. For more technical analysis on this currency pair, please click here for Monday's (11/09/2009) Chart of the Day.
- James Chen, CTA, CMT
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
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- BOE’s King says UK inflation to fall to around 2% by the end of 2011.
- ZEW comments
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