Baxia Markets
September 16, 2021

Solid Downwards trend on AUDUSD

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The upward trend ended on Sep 3rd, which was a thirteen days long trend. Although the resistance point on Sep 3rd was remarkable, we did not see any outstanding shrink on Bollinger Bands; they still moved mildly, but we found some hints of the downward trend after the resistance point. 




The Stochastics went down sharply after the resistance; then, it bounced up when it  touched the oversold level. The Stochastics still made waves and tested the lower band several times; however, the downward trend continues. The RSI fluctuated more and tested the lower band multiple times after resistance. Although these momentum indicators do not give accurate direction, the signal is clear. Also, the bears' power is getting stronger, which is the same as our momentum indicator result. 

Now, the price line broke out the Bollinger Bands again, which is also the 50% level Fibonacci. Let's wait to see if the price line breaks the 61.8% level Fibonacci. 


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