AUDUSD, watch ADX

11 Apr 2020

According to marketkolor.com, the Average Direction Index depicts a presence or absence of a trend. AUDUSD has an ADX line that has developed a new down trend. This suggests that the current trend in price action is growing weaker and unclear. Look for continued downside in the ADX line and an equivalent weaker and unclear trend in price action. However, 0.687 is the resistance level currently being tested. If this level is broken, it can easily become support and further upside can be expected hence watch the ADX for an indication for what the market is going to do next.