AUD/USD Remains In A Downtrend From 1.0597
Franco Shao | Feb 03, 2013 09:16PM ET
AUD/USD remains in a downtrend from 1.0597. The price action in the trading range between 1.0360 and 1.0475 is likely consolidation of the downtrend.
Another fall could be expected after consolidation, and the next target would be in the 1.0300 area. On the upside, a break above 1.0475 will suggest that a cycle bottom had been formed at 1.0360 on the 4-hour chart, and the downward movement from 1.0597 had completed, then a further rise towards 1.0700 could be seen.
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