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The (AUDUSD) declined in its latest intraday trading, after hitting the resistance of the EMA50. The pair is taking profits from yesterday’s gains and attempting to relieve some of the overbought pressure seen in the Relative Strength Index, especially with the emergence of a negative overlapping signals, gathering bullish momentum that may help it overcome this temporary downside pressure.
This comes in light of the pair’s recent breach above the key resistance level at 0.6085, confirming the formation of a positive double bottom pattern in the short term, which strengthens the bullish scenario.
