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AUDUSD stays below a downward trend line

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

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0597, the rise from 1.0226 is treated as consolidation of the downtrend. As long as the trend line resistance holds, another fall could be expected after consolidation, and next target would be at 1.0200 area. On the upside, a clear break above the trend line resistance will indicate that a cycle bottom has been formed at 1.0226, and the fall from 1.0597 has completed, then the following upward movement could bring price to 1.0700 zone.

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