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AUDUSD fails to break below 1.0410 support
Wednesday, August 22, 2012 19:12
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AUDUSD fails to break below 1.0410 support, and rebounds to as high as 1.0543, suggesting that a cycle bottom has been formed on 4-hour chart. Further rise to test 1.0612 previous high resistance could be expected, a break above this level will signal resumption of the longer term uptrend from 0.9581 (Jun 1 low), then next target would be at 1.0800 area. Support remains at 1.0410, only break below this level could trigger another fall towards 1.0300.
