AUDUSD begins bearish wave – Analysis - 29-08-2016

The AUDUSD pair closed last week below 0.7595 level, which opens the way to start new main bearish wave after the price found difficulty to breach the main bearish channel's resistance that appears on chart, and according to the trading rules inside the channels, the price is on its way for a decline that its targets might go further towards the previously recorded low at 0.6825 mainly.

Therefore, the bearish trend will be suggested for the upcoming sessions, and the near targets begin at 0.7448 followed by 0.7329, noting that the negative pressure will remain valid and dominant unless the price managed to breach 0.7595 followed by 0.7690 levels and hold above them.

Expected trading range for today is between 0.7500 support and 0.7640

Expected trend for today: Bearish