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AUDUSD reached the upper border of channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 5, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD has reached the upper border of the price channel on 4-hour chart. Pullback would likely be seen later today. Support is at 1.0587, a breakdown below this level will indicate that the downtrend from 1.1011 has resumed, then the following downward move could bring price to 1.0250-1.0300 area. However, a clear break above the upper border of the channel will suggest that lengthier consolidation of downtrend is underway, then further rally could be seen to 1.0850 zone.

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