AUD USD approaches the resistance – Analysis - 28/08/2015

The AUDUSD pair approaches gradually from the main bearish channel’s resistance located now at 0.7220, noticing that stochastic shows clear overbought signals now, besides that the EMA50 continues to form negative pressure on the intraday and short term trading.

Therefore, these factors keep the overall bearish trend scenario valid until now, which its targets begin at 0.7000 and extend to 0.6800, noting that breaching 0.7220 level will stop the suggested decline and push the price to turn to rise.

Expected trading range for today is between 0.7035 support and 0.7250

Expected trend for today: Bearish