Free Forex Market Analysis

AUDUSD stays below a downward trend line

, 05-24-2012 at 09:46 PM (595 Views)

AUDUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0474, the rise from 0.9689 is treated as consolidation of the downtrend. As long as the trend line resistance holds, we’d expect downtrend to resume, and next target would be at 0.9600 area. However, a clear break above the trend line resistance will indicate that the downward movement from 1.0474 has completed at 0.9689 already, then the following upward movement could bring price back to 1.0600 zone.

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