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March 10 – AUD/USD – Marked bullishness

March 10, 2010 at 10:01 am • Posted in AUDUSD

AUD/USD Daily Chart - March 10

(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.)

3/10/2010 – AUD/USD – Though technically still entrenched within a sideways consolidation, AUD/USD (a daily chart of which is shown) has displayed a marked bullishness since the early February low.

This bullishness has prompted the pair to rise above several key resistance levels to the point where the 15-month high just above 0.9400 is not far off. During the course of the bullish move from the February low, price has formed a well-defined uptrend support line. Currently, AUD/USD has just established a new 7-week high and appears poised to move yet higher.

With a potential upside resistance target in the noted 0.9400 price region, in the event of a bearish breakdown below the current uptrend support line, further downside support resides around the 0.8800 price region.

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