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AUDUSD broke below channel support

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 16, 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, and is now facing 0.9349 support, a breakdown below this level will indicate that the uptrend from 0.9229 had completed at 0.9437 already, then deeper decline to 0.9250 area could be seen. On the upside, as long as 0.9349 support holds, the fall from 0.9437 would possibly be consolidation of the uptrend, one more rise to 0.9500 area is still possible after consolidation.

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