Baxia Markets
September 08, 2021

Will the downward trend on AUDUSD continue?

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The price of AUDUSD had gone through a solid upward trend. This trend had lasted for thirteen days, which is a long trend, so it is hard for the price to make a turn on such a strong trend. However, the price met resistance recently. As can be seen, the price is already down to the 23.5% level Fibonacci. However, the price does not show any hint to bounce up. 




Now, the Ichimoku clouds are going up. As we know, when Ichimoku goes above the price line, the price may go down after that. Also, the parabolic SAR just made a new downward trend signal. The standard deviation is going up, which means the price is going to make some big fluctuations. Also, the Bears power shows a strong bearish signal. Now, let’s expect the price to go beyond the 61.8% level Fibonacci.


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