AUDUSD formed a cycle bottom at 0.8858

By IBTimes Staff Reporter | August 18 2010 11:21 PM

AUDUSD formed a cycle bottom at 0.8858 level on 4-hour chart. Now the rise from 0.8858 could possibly be resumption of uptrend from 0.8066 (May 25 low) and the fall from 0.9079 is treated as correction of uptrend. Another rise towards 0.9221 would more likely be seen after correction, however, a break above 0.9079 is needed to confirm such case. On the other side, below 0.8858 will indicate that the pair remains in downtrend from 0.9221, then next target would be at 0.8700-0.8800 area.

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