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AUDUSD sinks to fresh 2023 low, looking oversold
AUDUSD has been in an aggressive decline after its latest bullish breakout from the rectangle encountered resistance at 0.6898, validating a double top pattern. In the near-term, the pair is posting consecutive lower lows, with the price appearing to have approached oversold conditions as it is trading very close to the lower Bollinger band. The momentum indicators currently suggest that the recent selloff could be overstretched. Specifically, the MACD is softening below both zero and its red signal line at its lowest levels since March, while the RSI is hovering within its 30-oversold territory. Should the negative ... (full story)