Please click on the forex chart thumbnail to enlarge) 3/16/2011 Forex Trading Technical Analysis (FXpath.com) – AUD/USD (a daily chart of which is shown) as of Wednesday (3/16/2011) has dropped down to approach its key support target in the 0.9800 price region before rebounding. This occurs on a breakdown below a triangle consolidation pattern extending from the long-term 1.0250 high reached at the end of 2010, as well as a breakdown below parity. The current 0.9800 support level is not only the level of the last major low, but it is also a 61.8% Fibonacci retracement of the last major bullish trend run. In the event of a further breakdown below 0.9800, price could potentially drop further to begin targeting key downside support in the 0.9540 price region.
(Forex chart key: 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; Fibonacci levels in grey and/or light blue.
(Forex chart key: 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; Fibonacci levels in grey and/or light blue.
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