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AUDUSD breaks below rising price channel

Franco Shao from ForexCycle.com at 11/28/09


AUDUSD breaks below support of the lower border of rising price channel on daily chart, suggesting that the upward trend from 0.7703 may have completed at 0.9404, and the following pullback could take price to 0.8500 zone, however, a break below 0.8916 key support is needed to confirm such case. On the other side, as long as 0.8916 support holds, another rise towards 0.9500 is still possible.

For long term analysis, AUDUSD is in long term bullish movement. Further rise towards 0.9500 area to reach next cycle top on weekly chart is still possible in next several weeks.

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