Baxia Markets
June 09, 2021

AUDUSD may turn to go down

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AUDUSD has been hovering around 0.774 for a month; however, the price has declined by 3.0%. Recently, the big crash scared traders. The price then rallies back to 0.774. Is this a signal or an alarm for us? As can be seen, the range of downward tests is getting deeper. For the last month, the low tests are making new records. Is this time for the price to turn down? 

We can see from the Fibonacci retracement plot that the price already touched the 50% level; this is a point with resistant pressure. 



Bollinger Bands have shrunk, meaning a breakout is coming soon. The Bollinger Bands are always sensitive to significant fluctuation. 


audusd 0609 finished


The MACD made a bearish cross earlier, and the bearish situation is continuing. The Williams R% is already oversold. The oversold condition is unstable; however, primarily, a  breakout starts with overbought or oversold. And the oversold situation could last for a while. Ichimoku cloud is going up; this is another bearish signal. Could we see a new downward trend on AUDUSD. 


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forex, trading conditions, technical analysis, trading indicator, fundamental analysis

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