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AUDUSD breaks below upward trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 23, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD breaks below the upward trend line on 4-hour chart, suggesting that consolidation of the uptrend from 0.9280 is underway. Deeper decline is still possible and the target would be at 0.9550 area. As long as 0.9550 support holds, the uptrend could be expected to resume, and one more rise towards 1.0000 could be expected after consolidation. On the downside, a breakdown below 0.9550 support will suggest that lengthier consolidation of the longer term uptrend from 0.8847 (Aug 5 low) is needed, then the target would be at 0.9500 area.

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