(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
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