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.
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.
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