AUDUSD under the negative pressure – Analysis - 20-10-2017

The AUDUSD pair begins today's trading with bearish bias to test the key support 0.7820 again, and by taking a deeper look at the chart, we find that this support forms potential neckline for an under construction double top pattern, which urges caution from the upcoming trading, as breaking this level will push the price to decline towards 0.7727 direct.

In general, we will keep our positive overview unless breaking 0.7820 level and holding below it, reminding you that our main targets begin at 0.7937 and extend to go further towards 0.8125 after breaching the previous level.

Expected trading range for today is between 0.7800 support and 0.7950

Expected trend for today: Bullish