1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

AUDUSD remains in downtrend from 0.9085

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 27, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Joined:
    Sep 1, 2008
    Messages:
    914
    Likes Received:
    0
    AUDUSD remains in downtrend from 0.9085, the rise from 0.8660 could be treated as consolidation of the downtrend. Resistance is at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and next target would be at 0.8500 area. On the upside, a clear break above the channel resistance will indicate that the downward movement from 0.9085 had completed at 0.8660 already, then the following upward movement could bring price to 0.8950 - 0.9000 area.

    [​IMG]

    Provided by ForexCycle.com
     
Loading...

Share This Page