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AUDUSD stays in a downward price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 3, 2012.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    AUDUSD stays in a downward price channel on 4-hour chart, and remains in downtrend from 1.0488. Initial resistance is now at the upper line of the channel, as long as the channel resistance holds, the downtrend could be expected to continue, and the target would be at 1.0350 area. Key resistance is located at 1.0460, a break above this level will indicate that he fall from 1.0488 has completed, then the following upward movement could bring price to 1.0550 zone.


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