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AUDUSD has formed a short term cycle top

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 29, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    AUDUSD has formed a short term cycle top at 0.8337 level on 4-hour chart. Range trading between 0.8089 and 0.8337 is expected in a couple of days. However, the fall from 0.8337 could possibly be consolidation of uptrend from 0.7703, as long as 0.8089 support holds, we would expect uptrend to resume and one more rise towards 0.8500 is still possible after consolidation. Only fall below 0.8089 will indicate that the uptrend from 0.7703 has completed at 0.8337 level already, then deeper decline could be seen to 0.7800 zone.


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