AUDUSD tests the resistance – Analysis - 18-05-2017

The AUDUSD pair opened today's trading with clear positivity to test the key resistance 0.7451, accompanied by stochastic reach to the overbought areas, which forms negative pressure that we expect to push the price to decline again.

Therefore, the chances still valid to resume the recently suggested bearish trend, which its first target located at 0.7383, noting that holding above 0.7451 will stop the expected decline and lead the price to target 0.7519 followed by 0.7604 levels mainly.

Expected trading range for today is between 0.7350 support and 0.7519

Expected trend for today: Bearish