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AUDUSD – 2 Sep 2024

AUDUSD 2 Sep 2024

On the daily timeframe, AUDUSD is seen bouncing down after failing to break the resistance line at the end of last week. The pair is now in a bearish trend, with the stochastic chart declining from 80 levels towards 20 levels, suggesting that the downtrend is likely to continue. Although AUDUSD is still above the kumo cloud, strong bearish pressure might take the pair down further until it breaks the kumo. It is important for traders to look at other indicators for confirmation before making trading decisions, to avoid potential mistakes in anticipating price movements.

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