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AUDUSD has formed a cycle top at 1.0585

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 16, 2012.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    AUDUSD has formed a cycle top at 1.0585 on 4-hour chart. Sideways movement in a range between 1.0500 and 1.0585 would likely be seen. Key support is located at the lower line of the price channel, as long as the channel support holds, the price action from 1.0585 is treated as consolidation of the uptrend from 1.0287, and another rise towards 1.0624 (Sep 14 high) could be expected after consolidation. However, a clear break below the channel support will suggest that the uptrend from 1.0287 had completed at 1.0585 already, then the following downward movement could bring price back to 1.0000 zone.


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