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AUDUSD remains in downtrend from 0.9756

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 22, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    AUDUSD remains in downtrend from 0.9756 (Oct 23 high), the rise from 0.8820 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 another fall towards 0.8500 is still possible. On the upside, a clear break above the channel resistance will indicate that the downtrend had completed at 0.8820 already, then the following upward movement could bring price back to 0.9650 zone.


    Provided by ForexCycle.com

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