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AUDUSD is facing channel resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 10, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    AUDUSD is facing the resistance of the upper line of the price channel on 4-hour chart. As long as the channel resistance holds, the rise from 0.8990 could be treated as consolidation of the downtrend from 0.9756 (Oct 23 high), another fall towards 0.8500 could be expected after consolidation. On the upside, a clear break above the channel resistance will indicate that the downward movement from 0.9756 had completed at 0.8990 already, then the following upward movement could bring price to 1.0000 zone.


    Provided ForexCycle.com

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