AXSUSD: 1D MA50 rejection within the Channel Down. Bullish above

AXSUSD is testing now the 1D MA50, which is sitting a little under the top of the prolonged Channel Down pattern that began at the start of the year. The 1D technical outlook is neutral (RSI = 46.158, MACD = -0.240, ADX = 38.786) meaning that a crossing over the top of the Channel Down will turn the trend bullish but as long as the price stays inside it, it is bearish.

This might be a rejection similar to May 17th, which dropped to a Fibonacci 2.0 Lower Low. For now we are bearish, targeting the respective Fibonacci 2.0 (TP = 3.1500). If on the contrary it breaks above the Channel Down we will buy and target the 1D MA200 (TP = 6.3500).

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