The AUDUSD pair traded positively in last Friday evening and begins today with more of the bullish bias to test the bearish correctional channel’s resistance that appears in the above chart, which meets the EMA50 to strengthen it, which supports the chances for bouncing lower to resume the bearish correctional wave, especially with stochastic move at the overbought levels.
Therefore, the bearish trend will remain preferred on the intraday and short term basis unless breaching 0.7604 level and holding above it, pointing that breaking 0.7519 level required to confirm heading to the next target at 0.7451.
Expected trading range for today is between 0.7451 support and 0.7640
Expected trend for today: Bearish
Origin: Economies
