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AUDUSD's upward movement extended to 0.8979

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 5, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    AUDUSD's upward movement from 0.8660 extended to as high as 0.8979. Further rise to test 0.9085 resistance could be expected, a break above this level will signal completion of the longer term downtrend from 0.9756 (Oct 23, 2013 high), then the following upward movement could bring price to 0.9600 area. On the downside, as long as 0.9085 resistance holds, the price action from 0.8820 (Dec 18, 2013 low) would possibly be consolidation of the downtrend from 0.8756, one more fall to 0.8500 area is still possible after consolidation.


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