AUD USD tests the horizontal resistance – Analysis - 22/05/2015

The AUDUSD pair shows some bullish bias now to approach from testing the horizontal resistance at 0.7935, which forms the initial resistance barrier that keeps our bearish overview valid, noticing that stochastic approaches from the overbought areas to support the continuation of the bearish bias.

The EMA50 supports the negative overview, which its targets begin at 0.7800 and extend to 0.7680, while the bearish bias will remain valid and active unless breaching 0.7935 then 0.8015 levels and holding above them.

Expected trading range for today is between 0.7800 support and 0.8015

Expected trend for today: Bearish