AUDUSD is bearish on its 1D technical outlook (RSI = 41.008, MACD = -0.006, ADX = 21.063) as it has been declining since the September 30th High. Technically though it is time to turn bullish again as not only has the 1D MACD formed a Bullish Cross, but the double bottom on the 1D RSI is identical to the February 13th 2024 Low. The resulting rebound reached the 0.5 Fibonacci level before a rejection. Consequently, we are turning bullish here, aiming for the current 0.5 Fib (TP = 0.66900).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.