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AUDUSD consolidates in a range between 0.9157 and 0.9381

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 25, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD consolidates in a range between 0.9157 and 0.9381. Lengthier sideways movement in the range is still possible in a couple of days. As long as 0.9157 support holds, we’d expect uptrend to resume, and another rise towards 0.9500 is possible after consolidation. However, a breakdown below 0.9157 support could indicate that the uptrend from 0.8577 (Feb 5 low) has completed at 0.9381 already, then the fallow downtrend could take price back to 0.8500 area.

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