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AUDUSD formed a cycle top at 1.0255

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 4, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD formed a cycle top at 1.0255 level on 4-hour chart, the subsequent pullback had bring price to the lower border of the price channel. Rebound from the bottom line of the channel would likely be seen later today. Resistance is at 1.0110, a break above this level could trigger another rise towards 1.0300 area. However, a clear break below the channel support will indicate that the uptrend from 0.9537 had completed at 1.0255 already, then the following downward move could bring price back to 0.9650-0.9700 area.

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