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AUDUSD 26 Jan 2024

AUDUSD 26 Jan 2024 on the Daily timeframe, it looks like this pair is trying to go up and get out of the kumo cloud back towards R2. Had experienced a trend reversal to bearish last month, and managed to reverse the trend again when it touched R1. However, this pair has not been able to show a significant increase, for now this pair is still occupying the price position of 0.65920. If referring to the stochastic indicator, it appears that there will be a crossing between the two moving average lines which indicates that bearish may occur. Therefore go-short could be an option, but if this pair is able to continue the bullish trend that has been initiated, then go-long remains an option.

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