1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

AUDUSD breaks above the price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 29, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    AUDUSD breaks above the upper border of the falling price channel, suggesting that a cycle bottom has been formed at 0.9134 level on 4-hour chart, and the fall form 0.9381 has completed. Now the bounce from 0.9134 could possibly be resumption of uptrend from 0.8577 (Feb 5 low), however, a break above 0.9381 previous high is needed to confirm the resumption of uptrend. Support levels are 0.9255 and 0.9220, below these levels could bring price back to downtrend 0.9381, then another fall to 0.9100 area could be seen.


    Daily Forex Analysis

Share This Page