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AUDUSD 17 Jul 2023

AUDUSD 17 Jul 2023 on the H4 timeframe. It can be seen that this pair has been experiencing a bearish trend since last week. It touched R2 at 0.68927 then bounced down towards R1 one and is now at 0.68079. If you look at the ichimoku indicator, although it is far above the kumo, it seems that the bearish trend is still likely to continue if the pair continues to break through R1 towards S1. this is also reinforced by the RSI indicator which is also in a downward graph after experiencing saturation. Therefore go-short could be an option for traders, until there is a possibility of a trend reversal to be bullish. Keep an eye on market movements and trade with your own risk.

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