The AUDUSD pair continued the decline to start bearish correction for the rise that started at 0.7163 and reached the recent top at 0.7739, approaching from 38.2% Fibonacci level at 0.7519, noting that breaking this level will extend the correctional bearish wave to reach 0.7451 as a next main station.
The EMA50 forms negative pressure against the intraday trading, which supports the chances of continuing the decline in the upcoming period, noting that breaking the targeted level will push the price towards 0.7383 direct, while the bearish trend will remain valid unless the price managed to breach 0.7604 level and hold above it.
Expected trading range for today is between 0.7451 support and 0.7630
Expected trend for today: Bearish
Origin: Economies
