Baxia Markets
By
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. 

 

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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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