AUDUSD: Wait to buy this dip.

1 באפר׳

AUDUSD is marginally bearish on its 1D technical outlook (RSI = 40.176, MACD = -0.001, ADX = 34.265) as it entered a Channel Down similar to those of August - October 2023 and April - May 2023. That is why we are expecting a bullish reveral the closer we get to the 1.236 Fibonacci extension. As long as the 1D RSI doesn't break into the oversold zone (<30.000), we will buy that dip and target the LH trendline (TP = 0.6700).

See how our prior idea has worked out:

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