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AUDUSD remains in downtrend from 1.0199

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 16, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    AUDUSD remains in downtrend from 1.0199, the price action in the trading range between 0.9943 and 1.0073 is treated as consolidation of downtrend. As long as 1.0073 resistance holds, downtrend could be expected to resume and next target would be at 0.9850-0.9900 area. However, a break above 1.0073 resistance will indicate that a cycle bottom had been formed at 0.9943 level on 4-hour chart, and the fall from 1.0199 has completed, then further rise to 1.0150 area could be seen.


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