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AUDUSD rebounds from 1.0220

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 21, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    After touching 1.0226 previous low support, AUDUSD rebounds from 1.0220, suggesting that a cycle bottom is being formed on 4-hour chart. Further rise to re-test 1.0373 would likely be seen, a break above this level will indicate that the downward movement from 1.0597 has completed, then the following upward move could bring price to 1.0700 zone. However, as long as 1.0373 resistance holds, the price action from 1.0226 could be treated as consolidation of the downtrend, and one more fall to 1.0100 area is still possible.


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