AUDUSD in 4 week range; perched at important level
Swing trading bears have had success selling  this pair since late February. At the moment, the pair has shifted from a 7-week downward channel to a 4-week range. Unless, the pair penetrates the 4-week resistance, the range could merely be a consolidation.
ÂGoing sideways can but need not be an indication of reversal
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On the other hand, it is important to be mindful of the big picture. Trendline study shows an upward trend since 2009. Holding above previous-year highs have been important criteria for reaching new heights later. Therefore it is important for bears to watch that 2010 support. Unless price can break this, watch out above.
ÂWatch that important level
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