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The AUDUSD keeps declining – Analysis - 22-02-2023
The AUDUSD pair keeps providing the negative trades to gradually approach our waited target at 0.6780, which represents 38.2% Fibonacci correction level for the rise measured from 0.6170 to 0.7157, thus, breaking this level will push the price to achieve more bearish correction that its next target reaches 0.6635.
The bearish channel supports the chances of continuing the domination of the bearish trend in the upcoming sessions, besides that the EMA50 forms continuous negative pressure against the price, waiting for more bearish bias on the intraday and short term basis.
On the other hand, we should note that breaching 0.6925 will stop the expected bearish trend and lead the price to attempt to regain the main bullish trend again.
The expected trading range for today is between 0.6760 support and 0.6885 resistance
The expected trend for today: Bearish
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