AUDUSD breaks above falling price channel

Franco Shao from ForexCycle.com at 01/26/10

 

AUDUSD break above the falling price channel on 4-hour chart, suggesting that a short term cycle bottom is being formed at 0.8982 and the fall from 0.9327 has completed. Bounce to 0.9160 area to reach next cycle top is expected in a couple of days. Support is at 0.8982, only fall below this level could indicate that the fall from 0.9327 has resumed, then another decline could be seen to 0.8900 zone.