The AUDUSD pair bounced downwards clearly yesterday to approach from testing the bullish channel’s support that appears on chart, as this support is located at 0.7925, noticing that the EMA50 meets the mentioned support to add more strength to it, while stochastic shows oversold signals now.
Therefore, we believe that the chances are valid to resume the main bullish trend on the intraday and short term basis, and the price needs to breach 0.8000 level again to open the way to head towards 0.8115, noting that breaking 0.7925 will push the price to test the most important support to the short term trading at 0.7830 before any new attempt to rise.
Expected trading range for today is between 0.7900 support and 0.8100
Expected trend for today: Bullish
Origin: Economies
