Friday, June 5, 2009

AUD/USD Trade Update for 260509

Like a Kangaroo, the price of the AUD has jumped significantly higher passed its ‘natural’ barrier for the past couple of weeks. A Kangaroo must eventually land on the ground so to must the price do a pullback. This scenario can be seen in the current price of the AUD/USD. On the H4 chart, the price has slightly exceeded its Bull channel and the M15 chart shows the price to be in an already Bear channel.

These moves being prolonged will have the price test the minor support at <>0.745ish of which, hopefully the AUD & USD fundamental news of this week will assist and present a better view of a prospective price direction towards USD. Overall; on day to day terms, the current consensus is an AUD bias. The AUD/USD daily chart shows the only resistance for the current price now to be it recent high of 0.787ish.

Disclaimer: Trading in the FOREX market & other forms of investments involves risk. This information should not AT ALL be viewed as investment recommendations. The charts & information provided here are not meant for investment purposes & only serve as technical examples.

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