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AUDUSD broke below price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 23, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    AUDUSD broke below the rising price channel on daily chart, suggesting that a cycle top has been formed at 0.9998 level. Deeper decline to 0.9300 is expected in a couple of weeks. As long as 0.9300 level holds, the fall from 0.9998 is treated as consolidation of uptrend and one more rise to 1.1000 area is still possible. However, below 0.9300 level will indicate that the uptrend from 0.8066 has completed at 0.9998 already, then the following downward move could bring price back 0.8700 area.

    For long term analysis, AUDUSD is in uptrend from 0.8066, further rise to 1.1000 area is still possible in next several weeks.


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