FX Times: Daily Technical Update AUD/USD Target Hit, Reassess

[cmsfx]

Fan Yang \ 9:09 AM EST \ December 10th, 2009

AUD/USD


* 1H: The AUD/USD reached the target projection calculated from VT Trader’s Chart Pattern Recognition feature. (Refer to Daily Technical Update 12.09.2009 AUD/USD and Daily Video Technical Update 12.09.2009).
* The 0.9150 target was reached, and the market almost touched 0.9200. We are at resistance, which will be converging with the upsloping trendline. If the market stays below 0.9200, we may have established a short-term range between 0.9020 and 0.9200. Therefore, any sign of reversal may be an signal for the short-term bullish outlook to now turn to short-term bearish outlook with a target to the 0.9020 area.
* 4H: A break above still meets retracement resistance immediately above at 0.9260 (78.6%), which would coincide with a downsloping trendline. Topping action here may be followed by a decline towards 0.8950-0.9000. A break above that trendline would target previous peak at 0.9400.
* In the medium-term we are in ranging action between 0.8900 and 0.9400.


Fan Yang
Currency Analyst
Commodity Trading Advisor
Via fxtimes.com


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