width=398(Chart courtesy of FX Solutions' FX AccuCharts. 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.)

4/20/2010 - AUD/USD - Price action on AUD/USD, a daily chart of which is shown, has made yet another bullish push within the context of a continuing uptrend support line extending from the early February low. This bullishness occurs despite a slight dip below the trendline on Monday that ultimately failed to close below the line. Currently, the key upside resistance barrier to watch continues to reside around the 0.9400 long-term high price region, which was closely approached on several occasions just last week. In the event of a strong breakout and close above this key 0.9400 level, a major resistance target further to the upside resides around the 0.9650 price region. Conversely, if the current uptrend support line is broken convincingly to the downside, a clear support target on that breakdown potentially resides around the 0.9000 price region.

James Chen, CMTChief Technical StrategistFX Solutions

IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors.