AUD/USD - Uptrend Support Respected

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AUD/USD - Uptrend Support Respected

By James Chen on February 19, 2009 | More Posts By James Chen | Author's Website

As of Thursday morning, price on the AUD/USD daily chart, as shown, has made a precise and pronounced bounce up off the uptrend support line extending from the 5-year lows. This indicates that the pair is still entrenched in a prolonged trading range. It also indicates that the uptrend support line is a rather strong and valid one. Continued bullish momentum on this bounce should meet key resistance in the 0.6800 region.

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