AUD/USD Bulls on the Alert
03 June 2011
MONTHLY CHART
The bull move here recently overcame resistance from a long term channel top projection. However, there is now potential resistance at an equality target, the 2001/2008 upmove measured off 0.6004 Oct-08 low, at 1.1080.
WEEKLY CHART
In common with some other FX charts there was an early May key reversal week, which sets up the possibility of a better corrective phase.
DAILY CHART
The bull trend remains intact so far but the key reversal week requires caution.First support has come from around a prior channel top, at 1.0500 now (also close to a 38.2% pullback, not shown).The next lines of defence are
- the old trading range top starting at the 1.0253 Dec-10 high
- the rising support line at 1.0150 currently
Breaks of these latter would be a strong indication that a more prolonged setback was underway.
Next story:
Short Term Natural Gas Bulls Up Against Resistance 
Previous story:
The Dollar resumes its slide