SimpleFX AUDUSD Chart Analysis: September 23, 2019

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The market forms quite harmonious and proportional waves. After reaching the upper bound of the green channel, the price began to decline sharply and broke through the lower green wall down. This may mean that the bears are strong and that the way is now open for them in the direction of the support level 0.668, located on the lower yellow bound. In favor of this scenario says the moving average, which is significantly above the level of price movement, which indicates a strong downtrend.  However, if the bulls soon begin to dominate the market, we can see the price touching the lower green border, which is now the resistance line for the price. In this case, it is possible to rise to the level of 0.682.

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