The AUDUSD price moves within minor bullish channel that we believe it forms bearish flag pattern, thus, the price needs to break this channel’s support at 0.6230$ to get negative motive that push the price to resume the main bearish trend, which its next target located at 0.6150$.
Stochastic loses its positive momentum clearly and supports the expectations to decline in the upcoming sessions, noting that breaching 0.6270 will push the price to achieve intraday gains and test the main bearish channel’s resistance line around 0.6390$ before any new attempt to decline.
The expected trading range for today is between 0.6200$ support and 0.6300$ resistance
Trend forecast: Bearish
Origin: Economies
