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AUDUSD’s bounce extended to 0.8992 level

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 29, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    AUDUSD’s bounce from 0.8734 extended further to as high as 0.8992 level. Support is now located at the rising trend line on 4-hour chart. As long as the trend line support holds, the bounce is expected to continue and next target would be at 90.50 area. However, a clear break below the trend line will indicate that a short term cycle top has been formed and the rise from 0.8734 has completed, then another fall towards 0.8734 previous low is expected to follow.


    Written by ForexCycle.com

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