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AUDUSD trades in the bottom of the price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 19, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    AUDUSD trades in the bottom of the price channel on 4-hour chart. A clear break below the channel bottom line will indicate that the uptrend from 0.9537 had completed at 1.0027 already, then the following downward move could bring price to 0.9600-0.9650 area. However, as long as the channel support holds, one more rise towards 1.0182 previous high is still possible, and a break above 0.9950 could signal resumption of uptrend.

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