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AUDUSD breaks below 0.8024 key support

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 2, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD breaks below 0.8024 key support and drops sharply to as low as 0.7902 level, suggesting that that a short term cycle top has been formed at 0.8155 level on 4-hour chart. Further fall is still possible to test 0.7789 previous low support, a break below this level will indicate that the medium term uptrend from 0.6284 has completed at 0.8263 level already. Near term resistance is at 0.7980, as long as this level holds, the short term downtrend from 0.8155 will continue.

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