AUD USD tests the moving average – Analysis - 29/07/2015

The AUDUSD pair showed some bullish bias yesterday to test the EMA50, which forms good intraday resistance at 0.7350, as it stopped the price positive attempts, which forces the price to bounce bearishly as appears on image, waiting to resume the overall bearish trend that moves inside the main bearish channel.

Stochastic shows clear negative signals on the four hours’ time frame to support the waited decline, reminding you that the next main target is located at 0.7100, which its chances will remain valid unless breaching 0.7415 followed by 0.7560 levels and holding above them.

Expected trading range for today is between 0.7200 support and 0.7400

Expected trend for today: Bearish