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AUDUSD pulled back from 0.9457

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 15, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    After breaking above 0.9404 (2009 high) resistance, AUDUSD pulled back from 0.9457, suggesting minor consolidation of uptrend from 0.8771 is underway. Support is at the lower border of the rising price channel on 4-hour chart, now at 0.9280, as long as the channel support holds, uptrend is expected to resume, and one more rise to 0.9600 is still possible. Key support is at 0.9240, below this level will indicate that the uptrend from 0.8771 has completed at 0.9457 already, then deeper decline could be seen to 0.9000 zone.


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