AUDUSD tests the resistance again – Analysis - 22-05-2017

The AUDUSD pair tested the key resistance 0.7451 and keeps its stability below it, accompanied by witnessing negative signals through stochastic, which supports the chances of bouncing bearishly to resume the correctional bearish trend, targeting heading towards 0.7383 followed by 0.7299 levels mainly.

Therefore, the negative scenario will remain valid for the upcoming period unless breaching 0.7451 level and holding above it, as this breach will push the price to attempt to regain the main bullish trend that its positive targets begin at 0.7519 and extend to 0.7604.

Expected trading range for today is between 0.7340 support and 0.7519

Expected trend for today: Bearish