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AUDUSD rebounds from 1.0181
Thursday, October 4, 2012 19:21
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Being contained by 1.0167 support, AUDUSD rebounds from 1.0181, suggesting that a cycle bottom is being formed on 4-hour chart. Range trading between 1.0181 and 1.0300 would likely be seen over the next several days. Key resistance is located at the downward trend line, as long as the trend line resistance holds, the rise from 1.0181 is treated as consolidation of the downtrend from 1.0624, and another fall to 1.0100 area to complete the downward move is possible, only a clear break above the trend line resistance could signal completion of the downtrend.
