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AUDUSD failed to break below 0.7866 support

AUDUSD failed to break below 0.7866 support and moved sideways in a trading range between 0.7866 and 0.7995. As long as 0.7866 support holds, the sideways movement could be treated as consolidation of the uptrend from 0.7807 and further rise to test 0.8065 resistance is still possible after the consolidation. On the downside, a breakdown below 0.7866 support will indicate that the upside movement from 0.7807 had completed at 0.7995 already, then the following downside movement could bring price to 0.7700 area.

AUDUSD 4-hour chart

By ForexCycle.com

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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