1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

AUDUSD stays within a downward price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 2, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    AUDUSD stays within a downward price channel on 4-hour chart, and remains in short term downtrend from 0.9232. Resistance is 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 test 0.8847 support is still possible, a breakdown below this level will signal resumption of the longer term downtrend from 1.0582 (Apr 11 high), then the following downward movement could bring price to 0.8500 zone. On the upside, a clear break above the channel resistance will suggest that the short term downtrend from 0.9232 is complete, then further rally to 0.9200 area could be seen.


    Provided by ForexCycle.com

Share This Page