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AUDUSD may be forming a cycle bottom at 0.9537

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 1, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD may be forming a cycle bottom at 0.9537 level on 4-hour chart. Range trading between 0.9537 and 0.9700 would likely be seen in a couple of days. Support is at 0.9537, a breakdown below this level will indicate that the downtrend from 0.9953 has resumed, then another fall to 0.9450 could be seen. Resistance is at 0.9700, only break above this level could suggest that lengthier consolidation of downtrend is underway, then further rally to 0.9750-0.9800 area is expected.

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