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AUDUSD broke above 2009 high

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 14, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    AUDUSD broke above 0.9404 (2009 high) and reached as high as 0.9457 level. Minor consolidation of uptrend would more likely be seen in a couple of days. Support is at the uptrend line on 4-hour chart (now at 0.9313), as long as the trend line support holds, we’d expected uptrend to resume and another rise to 0.9600 is still possible. However, a clear break below this trend line support will indicate that lengthier consolidation of uptrend is underway, then the pair will find support at 0.9200-0.9250 area.


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