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AUDUSD dropped below 0.9254 key support

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 12, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    After breaking above 0.9326 previous high resistance, AUDUSD dropped below 0.9254 key support, suggesting that a short term cycle top has been formed at 0.9368 level on 4-hour chart and the rise from 0.8916 has completed. Pullback towards 0.9000 zone would more likely be seen in next several days. Resistance level is now located at 0.9368, only rise above this level will indicate that uptrend from 0.8916 has resumed, then next target would be at 0.9500 area.


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