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AUDUSD traded in a range between 1.0477 and 1.0715

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 21, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD traded in a range between 1.0477 and 1.0715 for several days. Resistance is at the upper border of the price channel on 4-hour chart. As long as the channel resistance holds, the price action in the range is treated as consolidation of downtrend from 1.0773, and a breakdown below 1.0477 will signal resumption of downtrend. However, a clear break above the channel resistance will indicate that the downtrend from 1.0773 had completed at 1.0477 already, then another rise towards 1.1011 previous high could be seen.

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