Baxia Markets
August 06, 2021

Will AUDUSD Keep going down?

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As can be seen, the downward trend of AUDUSD has lasted for almost two months. During these two months, the downward slope plumet 3.94% at the beginning, then went mild. And then, the price seemed to stop falling on Jul 20th, which could be a support. Till now, the price still hovers around 0.736, where the Jul 20th stopped. The price even went up a little. Will the price turn here?




I do not think so. First, the Stochastics started to slide even though it had  not touched the level yet, which means the upward trend already ended. Same as Stochastics, the RSI made a bearish cross and started to turn down; this could also be considered a bearish signal. MACD moves below the level zero; the impact of the dead cross continues. 


Although the price seems to move up and made a slight angle, indicators show bearish signals. And the Ichimoku cloud moves above the price line. I do not consider this small upward movement support. The price could go down again anytime.


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