AUDUSD draws negative formation – Analysis - 23-03-2017

The AUDUSD pair keeps fluctuating near the EMA50, as long as the price above 0.7604, so the bullish trend scenario will remain active in the upcoming period, waiting for breaching 0.7739 level to confirm opening the way towards 0.7900 as a next main target.

Therefore, we will keep the bullish trend preferred until now, being aware that the price draws potential negative technical formation that its lines appear in the image, which requires being aware that the issuance of strong trading if the price begun to attack 0.7645 level, especially that stochastic shows negative overlapping signal that might put the price under more of the negative pressure when breaking the mentioned level.

Expected trading range for today is between 0.7600 support and 0.7780

Expected trend for today: Bullish