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12.10.202214:19 Forex Analysis & Reviews: Short-term technical view on AUDUSD for October 12th, 2022.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 12.10.2022 analysis

Red lines- bearish channel

AUDUSD continues to make lower lows and lower highs. Price is trading around 0.6255 at fresh weekly lows. AUDUSD remains inside the medium-term bearish channel. Our most recent bearish signal as give a few days ago when price broke the bearish flag downwards. Traders were warned about the bearish pattern of AUDUSD and its vulnerability to the downside. Channel resistance is found at 0.6455. As long as price is below this level bears remain in control of the trend. The RSI has reached oversold levels but there is no sign of a bullish divergence. A bounce towards 0.64 is justified but I would not expect to see a major low any time soon.

Alexandros Yfantis
Analytical expert of InstaForex
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