AUDUSD is trading inside a Channel Down pattern for the majority of 2024 so far and the neutral 1D technical outlook (RSI = 48.127, MACD = -0.003, ADX = 26.175) suggests that this is a potential sell entry. The price is below the 1D MA50 and exactly on the 1D MA200, where a rejection, validates the preservation of the bearish trend. If the price stays under it, we will remain bearish, targeting near the 1.236 Fibonacci extension (TP = 0.64000).
See how our prior idea has worked out:
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