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AUDUSD failed to break above 0.9305 resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 24, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    AUDUSD failed to break above 0.9305 resistance, and stays in a trading range between 0.8998 and 0.9305, suggesting that the pair remains in consolidation of the downtrend from 1.0582 (Apr 11 high). The range trading could be expected to continue in a couple of days. Support is at 0.8998, a breakdown below this level will signal resumption of the downtrend from 1.0582, then further decline towards 0.8500 could be seen. Key resistance is at 0.9305, only a clear break and hold of this level could indicate that the downtrend from 1.0582 had completed at 0.8998 already, then the following upward movement could bring price back to 1.0000 zone.


    Provided by ForexCycle.com

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