AUDUSD tests the resistance – Analysis - 05/10/2015

The AUDUSD pair attempts to breach the resistance level of the main bearish channel, as long as the daily candle stick close below this level, so we keep preferring the overall bearish trend, supported by stochastic approach from the overbought levels.

The main targets begin at 0.3935 and extend to 0.6705, being aware that breaching 0.7085 level will complete forming positive technical formation that has the ability to push the price to its intraday and short- term track to the upside.

Expected trading range for today is between 0.6935 support and 0.7155

Expected trend for today: Bearish