AUDUSD resumes the decline – Analysis - 09-01-2017

The AUDUSD pair bounced lower after testing the bearish channel’s resistance that appears in the above chart, which supports the continuation of the bearish trend scenario efficiently in the upcoming period, waiting for testing 0.7210 level, pointing that breaking this level will extend the bearish wave to reach 0.7063 as a next main station.

Therefore, we keep preferring the bearish trend on the intraday and short term basis unless witnessing clear breach and stability above 0.7350 level.

Expected trading range for today is between 0.7200 support and 0.7400

Expected trend for today: Bearish