AUDUSD—resistance

The little rally caused my short from .9232 to profit stop (barely) at +10 pips. AUDUSD touched the downtrend line coming in from April 13 as it rallied to .9294 this morning. The former long-term uptrend line is coming in at .9300 so this should serve as resistance. I shorted again at .9269.

That said, all those layers of support are still holding at .9249, .9200, .9138 (long-term uptrend line), .9070 (100 SMA), .9039, .9002, and .8927. (.8808 is the point where two speed lines come together from Nov high and 2008 lows). Resistance is at .9313, .9364 (although I'd expect sellers here), .9406 and .9579. (1.21 of 9406-8578=.9579; .9121 is speed line).

Here's the three-hour chart:















© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

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