9/24/2008 – AUD/USD – Price action on the AUD/USD daily chart, as shown, has formed a pennant consolidation pattern that has followed immediately on the heels of a key downtrend resistance line breakout last week. The current pennant formation on the daily chart is represented on the chart by the magenta lines. In the event of a significant breakout above the upper border of this pennant, a potential upward continuation will have been signaled, and the next immediate resistance level to the upside resides around the top of the pennant. In turn, a strong break above the top of the pennant would confirm an uptrend ... (full story)