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September 18th, 2017, 11:25 am | By forexcycle | Published in Daily Technical | Comments on this postComments Off

AUDUSD stays in a bullish price channel on its 4-hour chart and remains in the uptrend from 0.7807. As long as the price is in the channel, the pullback from 0.8124 could be treated as consolidation of the uptrend. Near term resistance is at 0.8050, a break above this level would indicate that the uptrend has resumed, then further rise to test 0.8124 previous high resistance is possible. The key support is at 0.7955, a breakdown below this level would confirm that the upside movement had completed at 0.8124 already, then the following downside movement could bring price back towards 0.7807.

AUDUSD 4-hour chart

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