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AUDUSD remains in uptrend from 1.0236

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 8, 2012.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD remains in uptrend from 1.0236, the fall from 1.0480 could be treated as consolidation of the uptrend. Support is at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to resume, and another rise towards 1.0500 is still possible after consolidation. On the downside, a clear break below the trend line will indicate that the uptrend from 1.0236 has completed at 1.0480 already, then the following downward movement could bring price back to 1.0200 zone.

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