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AUDUSD stays in a trading range

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 4, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD stays in a trading range between 0.9528 and 0.9791. Key resistance is now at 0.9791, as long as this level holds, the price action in the range could be treated as consolidation of the downtrend from 1.0582 (Apr 11 high), one more fall to 0.9300 area is still possible after consolidation. On the upside, a break above 0.9791 resistance will indicate that lengthier consolidation of the downtrend is underway, then further rise to 0.9850 – 0.9900 area could be seen.

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