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AUDUSD failed to break above 1.0373 resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 20, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD failed to break above 1.0373 resistance, and is now facing 1.0226 support, a breakdown below this level will signal resumption of the downtrend from 1.0597, then further decline to 1.0150 area could be expected. On the other side, as long as 1.0226 support holds, one more rise to re-test 1.0373 resistance is still possible, a break above this level will indicate that the downtrend from 1.0597 has completed at 1.0226 already, then the following upward movement could bring price back to 1.0700 zone.

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