AUDUSD 3 Oct 2023 on the weekly timeframe. It can be seen that this pair is still under S1 since the past 2 months. This pair has not yet managed to return to strength and experience a significant bullish trend. It is at the price of 0.63389 after previously touching the price of 0.68941 in July. When referring to the stochastic indicator, it can be seen that the bearish trend will still continue due to the crossing of the moving average chart towards level 20. Therefore, go-short is still an option for traders. However, if there is a factor that can affect the trend reversal, then go-long can be an option. Keep an eye on market movements and evaluate all possibilities before making a trading decision.
