AUDUSD has reached the lower line of the price channel on 4-hour chart, rebound could be expected later today. Resistance is now at 1.0280, a break above this level will indicate that a cycle bottom has been formed, then another rise towards 1.0500 could be seen. On the downside, a clear break below the lower line of the channel will suggest that the longer term uptrend from 0.9581 (Jun 1 low) has completed at 1.0443 already, then the following downward move could bring price back to 0.9900 zone.
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