The AUDUSD price bounced downwards clearly after approaching the main bearish channel’s resistance line that appears on the chart, to head towards resuming the bearish track again, as we notice that the price completed forming double top pattern that supports the chances of continuing the decline in the upcoming period.
Therefore, we expect to witness more bearish bias on the intraday and short term basis, on its way to achieve negative targets that start at 0.6180$ and extend to 0.6095$, taking into consideration that breaching 0.6305$ will stop the bearish trend and lead the price to start bullish correction for the decline that started from 0.6940$ areas.
The expected trading range for today is between 0.6175$ support and 0.6275$ resistance
Trend forecast: Bearish
Origin: Economies
