AUDUSD approaches the support – Analysis - 10-08-2018

The AUDUSD pair traded with clear negativity yesterday to return to the bearish channel that appears on the chart, approaching the sideways range’s support line at 0.7310, to keep the price confined within this range that its resistance line represented by 0.7450 level.

Therefore, the price needs to breach one of the above mentioned levels to detect its next destination on the short term basis, noting that breaking 0.7310 support will push the price to continue the main bearish trend that its next target located at 0.7200, while breaching 0.7450 will lead the price to start attempts to turn the trend, to start the positive targets at 0.7537 followed by 0.7600.

Expected trading range for today is between 0.7280 support and 0.7450

Expected trend for today: Sideways