AUDUSD awaits the breach – Analysis - 28-03-2017

The AUDUSD pair fluctuates in sideways track confined between the critical support at 0.7604 and the previously broken neckline of the minor head and shoulders pattern that turns into an important resistance now at 0.7635, which forms negative pressure that decelerates the price mission to resume the bullish trend, which shows the neediness for breaching this level to confirm the continuation of the upside moves on the short term basis.

In general, we keep preferring the bullish trend in the upcoming sessions unless breaking 0.7604 level and holding below it, where breaking it will turn the price to the bearish correctional track, while breaching 0.7635 will push the price to achieve our positive targets that begin at 0.7739 and extend to 0.7900.

Expected trading range for today is between 0.7560 support and 0.7739

Expected trend for today: Bullish