AUDUSD | LOOKING LIKE A GOOD SELL
Hey Traders!
The market is showing a strong bearish trend on the higher time frames, with price action surpassing the weekly MA 20. The daily charts are also indicating a downward trend, with price trending below all moving averages and headed towards breaking below MA 100. This indicates a strong possibility of a further drop, particularly given the positive initial jobless claims data for the US. We might experience some rejection of the support but the overall setup is looking favourable for further downward momentum
The market is showing a strong bearish trend on the higher time frames, with price action surpassing the weekly MA 20. The daily charts are also indicating a downward trend, with price trending below all moving averages and headed towards breaking below MA 100. This indicates a strong possibility of a further drop, particularly given the positive initial jobless claims data for the US. We might experience some rejection of the support but the overall setup is looking favourable for further downward momentum