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AUDUSD drops sharply to as low as 0.6988 level

Discussion in 'Commodity vs Dollar' started by ForexCycle.com, Oct 6, 2008.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    AUDUSD drops sharply to as low as 0.6988 level. Consolidation could be seen in a couple of days before breaking below 0.6988 level. Near term resistance is at the down trend line on 4-hour chart, as long as the trend line resistance holds, we’d expect downtrend to resume, and deeper decline is still possible after consolidation, a break down below 0.6988 will signal resumption of down trend.


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