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AUDUSD breaks above channel resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 4, 2012.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD breaks above the upper line of the price channel on 4-hour chart, suggesting that the fall from 1.0488 has completed at 1.0392 already. The pair is now facing 1.0488 resistance, a break above this level will confirm that the longer term uptrend from 1.0149 (Oct 8 low) has resumed, then further rise towards 1.0550 could be seen. Support is at 1.0435, only break below this level will indicate that lengthier consolidation of the uptrend is underway, then deeper decline to 1.0350 area could be expected.

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