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AUDUSD pulls back from 1.0585

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 13, 2012.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    Being contained by 1.0624 (Sep 14 high) resistance, AUDUSD pulls back from 1.0585, suggesting that a cycle top is being formed on 4-hour chart. Range trading between 1.0500 and 1.0585 would likely be seen in a couple of days. As long as the channel support holds, the fall would possibly be consolidation of the uptrend from 1.0287, and another rise to test 1.0624 resistance is still possible. On the downside, a clear break below the channel support will suggest that the uptrend from 1.0287 has completed at 1.0585 already, then the following downward movement could bring price back to 1.0000 zone.


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