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AUDUSD moves sideways between 1.0220 and 1.0373

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 24, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD moves sideways in a trading range between 1.0220 and 1.0373. Key resistance is now located at 1.0373, as long as this level holds, the price action in the range could be treated as consolidation of the downtrend from 1.0597, and one more fall towards 1.0000 is still possible after consolidation. However, a break above 1.0373 will indicate that the downtrend had completed at 1.0220 already, then the following upward movement could bring price to 1.0700 zone.

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