Price action on GBP/USD (a 4-hour chart of which is shown) as of Tuesday (9/07/2010) has tentatively broken down below the previous major low of 1.5325 hit in late August to establish a new 6-week low just below 1.5300. This occurs within the context of a new potential downtrend extending back to mid-August, and is represented by a key downtrend resistance line. For more technical analysis on this currency pair, please click here for Tuesday’s (9/07/2010) Chart of the Day.
James Chen, CTA, CMT
* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here.
Price action on USD/CAD (a 4-hour chart of which is shown) as of Thursday (9/02/2010) has settled above 1.0470 support once again after having just descended from a key resistance re-test in the 1.0670 price region, which formed a double-top high. This all occurs within the context of a short-term parallel uptrend channel extending from the early August low. For more technical analysis on this currency pair, please click here for Thursday’s (9/02/2010) Chart of the Day.
James Chen, CTA, CMT
* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here.
Price action on AUD/USD (a 4-hour chart of which is shown) as of Wednesday (9/01/2010) has broken out above several resistance levels, establishing a new 3-week high in the process. This occurs after price action broke out above an important parallel downtrend channel last week, corrected back down to re-test key 0.8850 area support as well as the top border of the broken downtrend channel, and then shot up from that support base. For more technical analysis on this currency pair, please click here for Wednesday’s (9/01/2010) Chart of the Day.
James Chen, CTA, CMT
* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here.
