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AUDUSD remains in downtrend from 1.0582

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 12, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD remains in downtrend from 1.0582 (Apr 11 high), the bounce from 0.9326 is likely consolidation of the downtrend. Key resistance is located 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 0.9000 is still possible after consolidation. On the upside, a clear break above the channel resistance will indicate that the downtrend from 1.0582 had completed at 0.9326 already, then the following upward movement could bring price back to 1.0700 zone.

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