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AUDUSD extends downside below 20-day SMA
AUDUSD drifted lower after hitting a three-month high of 0.7081, slightly above the 50% Fibonacci level of the steep downleg from 0.7392 to 0.6745. The bearish move has driven the price back into the Ichimoku cloud and below the 20-day simple moving average (SMA), increasing speculation that the softness may stay in place in the short-term. Meanwhile in momentum indicators, the signals are neutral-to-negative as the RSI is exiting the bullish territory, while the MACD seems to be losing ground below its red signal line. The 50-day SMA currently around 0.6950 is likely to be the next target if the market extends the ... (full story)