AUDUSD inside a positive pattern – Analysis - 24-07-2017

The AUDUSD pair keeps its stability above the support base formed above 0.7900 barrier, and by taking a deeper look at the chart, we find that the last decline is confined inside a minor bearish channel that we believe it forms bullish flag pattern appears on the minor image, which means that breaching this resistance at 0.7920 will activate the positive effect of the mentioned pattern followed by pushing the price to continue the main bullish trend.

Therefore, we will continue to suggest the bullish trend in the upcoming period as long as 0.7830 level remains intact, supported by the EMA50, noting that our waited targets begin at 0.8000 and extend to 0.8115.

Expected trading range for today is between 0.7830 support and 0.8050

Expected trend for today: Bullish