The AUDUSD pair closed the daily candlestick below the bullish channel’s support that was broken yesterday, which pushes the price for more decline in the upcoming sessions, and as we mentioned in our last technical update, the price heads to test the key support level at 0.7415 as a next main station.
The EMA50 forms negative pressure that supports the expected decline, being aware that it is important to monitor the price behavior when reaching the targeted level, as breaking it represents the key to extend the bearish wave to reach to 0.7330, while the expected bearish trend will remain valid and active unless the price managed to breach 0.7550 and hold above it.
Expected trading range for today is between 0.7400 support and 0.7590
Expected trend for today: Bearish
Origin: Economies
