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The next leg in AUDUSD lies in the hands of a downtrend line

From xm.com

{video} AUDUSD bulls are staging another breakout as they desperately try to move away from the recent rectangle. However, the February 2, 2023 downward sloping trendline is proving too strong for them, halting twice their advance. This is the bulls’ third attempt to overcome this resistance trendline in the past 35 days. Gradually, the market momentum is shifting away from the bulls. The Average Directional Movement Index (ADX) appears to be uninterested in the bulls’ efforts and is stuck below its 25-threshold. Similarly, the RSI remains above its midpoint but is failing to make a higher high. More significantly, ... (full story)

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  • Category: Technical Analysis