The downward momentum in the counter has subdued.
However, instead of making a bullish correction, the pair is going in a descending channel formation and the lower high formations are continuing.
The recent upswing in the counter has been capped by a resistive trendline and the bearish divergence has formed in the RSI indicator as well.
Further, if the trade war escalates AUD will definitely be a victim of the crossover.
Hence, investors are afraid to hop into the buy side in the counter.
And so we expect the pair to continue its downward journey further.
However, instead of making a bullish correction, the pair is going in a descending channel formation and the lower high formations are continuing.
The recent upswing in the counter has been capped by a resistive trendline and the bearish divergence has formed in the RSI indicator as well.
Further, if the trade war escalates AUD will definitely be a victim of the crossover.
Hence, investors are afraid to hop into the buy side in the counter.
And so we expect the pair to continue its downward journey further.
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