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AUDUSD breaks below trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 9, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD breaks below the trend line from 0.8632 to 0.8905, suggesting that a cycle top is being formed at 0.9221 level on 4-hour chart. Range trading between 0.9070 and 0.9221 is expected in a couple of days. As long as 0.9070 key support holds, the price action from 0.9221 is treated as consolidation of uptrend from 0.8632 and one more rise towards 0.9300 is still possible. However, a break below 0.9070 could indicate that lengthier consolidation of uptrend is underway, then the pair would find support at 0.9000 area.

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