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AUDUSD broke below channel support

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 19, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD broke below the lower line of the price channel on 4-hour chart. However, the price action in the trading range between 0.8906 and 0.9080 is likely consolidation of the uptrend from 0.8660, as long as 0.8906 support holds, another rise towards 0.9400 could be expected. On the downside, a breakdown below 0.8906 support will indicate that the upward movement from 0.8660 had completed at 0.9080 already, then the following downward movement could bring price to 0.8500 zone.

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