AUDUSD remains above downtrend line but with weak momentum

AUDUSD remains above downtrend line but with weak momentum

From xm.com

video AUDUSD is still standing above the long-term downtrend line; however, the momentum is too weak to sustain the bullish movement that started after the bounce off the 0.6270 support level. The MACD oscillator is strengthening the positive move above its trigger and zero lines, suggesting more gains, but, on the other hand, the RSI is sloping marginally down after several failed attempts to climb into the overbought region. In trend indicators, the 20- and 50-day simple moving averages (SMAs) created a bullish crossover, confirming the upside structure. In the wake of negative pressures, the market could meet ... (full story)

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Comment #1
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Edited 6:44am Nov 17, 2022 6:31am | Edited 6:44am

NotAtrader
Joined Oct 2016 | Status: NotAtrader, A Money Machine. | 3545 Comments

New COVOD cases in China every day. Australian Dollar is losing big time despite good job reports.

If you look at H1 TF with RSI and MACD on the chart, you will see how the price loses momentum while both indicators are sloping down. I think at the moment of writing a bearish divergence is already confirmed.

Start with 1000$. Increase by 3% every day. After one year 2 213 314$

Comment #2
Quote
Nov 17, 2022 8:17am Nov 17, 2022 8:17am

sfrankenfx
| Joined Apr 2022 | Status: Member | 197 Comments

Quoting NotAtrader

Disliked

New COVOD cases in China every day. Australian Dollar is losing big time despite good job reports. If you look at H1 TF with RSI and MACD on the chart, you will see how the price loses momentum while both indicators are sloping down. I think at the moment of writing a bearish divergence is already confirmed.

Ignored

My antennas were raised when i saw au have almost 0 reaction to the extremely positive news last night & on Tuesday. Au definitely heading much lower

Comment #3
Quote
Nov 17, 2022 8:32am Nov 17, 2022 8:32am

NotAtrader
Joined Oct 2016 | Status: NotAtrader, A Money Machine. | 3545 Comments

Quoting sfrankenfx

Disliked

{quote} My antennas were raised when i saw au have almost 0 reaction to the extremely positive news last night & on Tuesday. Au definitely heading much lower

Ignored

Absolutely. The same here. I was not expecting such a tame reaction.

Start with 1000$. Increase by 3% every day. After one year 2 213 314$

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Posted: Nov 17, 2022 6:27am
Submitted by:
Newsstand

Category: Technical Analysis

Comments: 3 / Views: 673

AUDUSD remains above downtrend line but with weak momentum

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