AUDUSD pulled back to 0.9174

Franco Shao from ForexCycle.com at 01/18/10

 

After touching 0.9325 resistance, AUDUSD pulled back to 0.9174. A double top pattern is being formed on 4-hour chart and neck line is located at 0.9170, a break below this level will indicate that a short term cycle top has been formed and the uptrend from 0.8734 has completed, then deeper decline could be seen to 0.9000 or even 0.8850. resistance area is around 0.9325, only a clear break above this area will indicate that the uptrend from 0.8734 has resumed, then further rally could be seen to re-test 0.9404 (Nov 16, 2009 high) resistance.