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AUDUSD stays in a upward price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 13, 2012.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    AUDUSD stays in a upward price channel on 4-hour chart, and remains in uptrend from 1.0236, and the price action from 1.0480 is treated as consolidation of the uptrend. Support is located at the lower line of the price channel, as long as the channel support holds, the uptrend could be expected to resume, and another rise towards 1.0500 is possible after consolidation. On the downside, a clear break below the channel support will suggest that the uptrend from 1.0236 had completed at 1.0480 already, then the following downward movement could bring price back to 1.0200 zone.


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