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AUDUSD continues its upward movement from 0.8847

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 11, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD continues its upward movement from 0.8847, and the rise extends to as high as 0.9213. Further rise to test 0.9317 key resistance is possible, as long as this level holds, the rise could be treated as consolidation of the downtrend from 1.0582 (Apr 11 high), and sideways movement in a range between 0.8847 and 0.9317 would likely be seen over the next several days. However, a break above 0.9317 resistance will indicate that the downtrend from 1.0582 had completed at 0.8847 already, then the following upward movement could bring price to 1.0000 zone.

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