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AUDUSD stays in a downward price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 16, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD stays in a downward price channel on 4-hour chart, and remains in downtrend from 0.9756 (Oct 23 high), and the fall extended to as low as 0.8909. Resistance is located as the upper line of the channel, as long as the channel resistance holds, the downtrend could be expected to continue, and further decline to test 0.8847 (Aug 5 low) support is possible. On the upside, a clear break above the channel resistance will indicate that the downward movement from 0.9756 is complete, then the following upward movement could bring price back to 0.9900 zone.

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