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AUDUSD stays within a downward price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 27, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD stays within a downward price channel on 4-hour chart, and remains in short term downtrend from 1.0373, the rise from 1.0182 could be treated as consolidation of the downtrend. Resistance is located at the upper line of the channel, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall to 1.0100 area is still possible. However a clear break above the channel resistance will indicate that the downward movement from 1.0373 has completed, then further rise to test 1.0373 key resistance could be seen, about this level will indicate that the whole downtrend from 1.0597 has completed.

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  2. autotrader1

    autotrader1 New Member

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    Australian Dollar / US Dollar appears to be locked in a trading range bounded by upside resistance and downside support. The most recently confirmed upside resistance level for Australian Dollar / US Dollar is around 1.06. A break above this level would be a bullish sign. The most recently confirmed downside support level for Australian Dollar / US Dollar is around 1.02. A break below this level would be a bearish sign.
    Australian Dollar / US Dollar broke below the up trendline at 1.04, 18 days ago. This is a bearish sign. This up trendline, currently with an ending point at 1.04, may now provide upside resistance. Prices having only declined 1.83% since the breakout, the validity of the breakout is questionable.
     
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