AUDUSD—monthly chart

The monthly chart shows AUDUSD poking its nose above the downtrend line from July 2008 (2d touch was Nov. '09). The pair is in an uptrend from 2001 but this rise to July '08 (within the rectangle) looks corrective. However, this isn't the cleanest count. Certainly the rise from late '08 has been very steep and it's questionable whether it can maintain this angle. In April, there was a lot of back and forth within the range.9135 to .9391 so no clear trend is evident right now. If price clears .9406, the November high, perhaps the pair can find a direction.

Resistance is at .9300, .9324, .9364, .9384, .9406, and .9579. Support is at.9250, .9184, .9073 (100 SMA), .9039, .9002, and .8927.

Here's the monthly 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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