AUDUSD in a strong short term downtrend?
AUDUSD has been in a long-term uptrend for the entire period "post-covid volatility", in March 2020.
Recently, we have had a good down-movement and many traders were wondering if this is just a retracement of the beginning of a new trend.
The setup of the moving average seems to be still slightly bullish, but the price just broke an important uptrend line, forming a new swing low that is lower than the previous one. We have reason to believe that this short-term downtrend can potentially continue even for this week.
Recently, we have had a good down-movement and many traders were wondering if this is just a retracement of the beginning of a new trend.
The setup of the moving average seems to be still slightly bullish, but the price just broke an important uptrend line, forming a new swing low that is lower than the previous one. We have reason to believe that this short-term downtrend can potentially continue even for this week.
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