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AUDUSD stays within a downward price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 2, 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 downtrend from 1.0582 (Apr 11 high), the price action from 0.9148 could be treated as consolidation of the downtrend. Further decline would likely be seen after consolidation, and next target would be at 0.9000 area. Key resistance is located at the upper line of the price channel, only a clear break above the channel resistance could signal completion of the downtrend.

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