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May 29 – AUD/USD – Key psychological level reached

May 29, 2009 at 9:34 am • Posted in General

AUD/USD chart for May 29

(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; 50-period simple moving average in light blue.)

5/29/2009 – AUD/USD – Price action on AUD/USD, a daily chart of which is shown, has reached the key psychological 0.8000 level on substantial dollar weakening. This pair has been entrenched in a relatively steep uptrend extending from the March lows, and has further accelerated its uptrend since late April. With any strong breakout above the 0.8000 region, a major upside resistance target resides around the 0.8260 price region. Static downside support within the context of the current accelerated uptrend resides around the 0.7800 area, with dynamic support right around the accelerated uptrend support line.

James Chen, CMT
Chief Technical Strategist, FX Solutions

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