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AUDUSD had formed a cycle bottom at 1.0390

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 28, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD had formed a cycle bottom at 1.0390 on 4-hour chart. Further rise towards the upper border of the price channel is expected later today. As long as the channel resistance holds, the bounce from 1.0390 is treated as consolidation of downtrend from 1.0773, and one more fall towards 1.0250 is still possible. Only a clear break above the channel could indicate that the fall from 1.0773 had completed at 1.0390 already, then another rise towards 1.1011 previous high could be seen.

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