AUD/USD (daily chart) has made a bullish breakout above key 1.0400 resistance and established a new 6-week high in the process. This occurs during a month-long uptrend extending back to the early October re-test of the important 1.0150 support level. This also occurs within the context of a 4-month sideways trading range, where price has been bounded strongly by 1.0150 downside support and 1.0600 upside resistance. Now that AUD/USD has tentatively broken out above 1.0400 resistance after having made failed attempts to do so for the last 3 weeks, price action could be positioned to fulfill the upper half of the trading range with another potential re-test of the 1.0600 range high, provided price is able to stay above this 1.0400 level. A move back down below 1.0400 that goes on to break down below the month-long bullish trend line could be the downside trigger for a potential bearish re-test of the 1.0150 range low. James Chen, CMT Chief Technical Strategist FX Solutions Forex trading involves a substantial risk of loss and is not suitable for all investors. FX Solutions LLC (“FXS”) is compensated through a portion of the bid/ask spread. This information is being provided only for general market commentary (based on technical analysis) and does not constitute investment trading advice. Certain information contained herein has been obtained from sources that FXS believes to be reliable; however, FXS cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. The information contained herein is subject to change without notice. FXS has no obligation to update any or all of such information; nor do we make any express or implied warranties or representations as to the completeness or accuracy or accept responsibility for errors. These materials are not intended as an offer or solicitation with respect to the purchase or sale of any financial instrument and should not be used as the basis for any investment decision. Past performance is not necessarily indicative of future results. No determination has been made regarding the appropriateness of any information contained herein. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated herein. FXS expressly disclaims any loss or profits that may arise from any use of the information contained in or derived from this commentary. FXS and its affiliates may engage in transactions that are inconsistent with the views expressed herein. FXS does not endorse nor is it responsible for any third-party posts related to this material. James Chen James Chen James Chen is Chief Technical Strategist for City Index Group. He is also a Chartered Market Technician. He is the author of the books: "Essentials of Foreign Exchange Trading" (John Wiley & Sons, 2009) and "Essentials of Technical Analysis for Financial Markets" (John Wiley & Sons, 2010). Mr. Chen writes currency analysis, leads forex trading seminars and has appeared in numerous major financial media outlets, including CNBC, Bloomberg TV, Forbes, Reuters, Dow Jones, and the Associated Press. View All Post By James Chen Forex News Today: Daily Trading News share Read Next Forex Daily Outlook November 8 2012 Anat Dror 11 years AUD/USD (daily chart) has made a bullish breakout above key 1.0400 resistance and established a new 6-week high in the process. This occurs during a month-long uptrend extending back to the early October re-test of the important 1.0150 support level. This also occurs within the context of a 4-month sideways trading range, where price has been bounded strongly by 1.0150 downside support and 1.0600 upside resistance. Now that AUD/USD has tentatively broken out above 1.0400 resistance after having made failed attempts to do so for the last 3 weeks, price action could be positioned to fulfill the upper half of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
