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January 18th, 2012, 3:50 am | By forexcycle | Published in Daily Technical | Comments on this postNo Comments »

AUDUSD broke above 1.0385 resistance and continued its upward movement from 0.9861. Further rise is expected after a minor consolidation, and next target would be at 1.0500 area. Support is now at 1.0300, as long as this level holds, uptrend could be expected to continue, however, a breakdown below this level will indicate that a cycle top has been formed at 1.0448 on 4-hour chart, then deeper decline to test 1.0145 key support could be seen.

audusd

 

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forexcycle Forex Cycle. See more Forex Analysis from forex cycle.

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