AUD/USD tried to pierce 0.6550 but found strong support there, wavering above it for the time being, while the Stochastic indicator now reached overbought levels, boosting chances of resuming negative trading and bypassing the aforementioned support, in turn opening the door towards 0.6400 as the next main target.
Therefore it’s likely the downward trend will remain dominant in the intraday levels and the short term, however if the 0.6550 level held on against negative pressure, it’ll stymie the negative scenario and push the price higher.
Expected trading range for today is between the 0.6500 support and the 0.6600 resistance.
Expected trend for today: Bearish
Origin: Economies
