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AUDUSD traded in a narrow range between 1.0389 and 1.0581

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 13, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD traded in a narrow range between 1.0389 and 1.0581. The price action in the range is likely consolidation of uptrend from 0.9704. As long as 1.0389 support holds, we’d expect uptrend to resume, and one more rise towards 1.1000 is still possible. However, a breakdown below 1.0389 will indicate that the upward movement from 0.9704 has completed at 1.0581 already, then the following downward move could bring price back to 1.0100-1.0200 area.

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