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AUDUSD tests the support – Analysis - 02-08-2016
The AUDUSD pair is testing the minor bullish channel's support after it found solid resistance at 0.7595, as 0.7530 level forms the first protecting factor to the continuation of the bullish trend scenario suggested in our recent reports, which mainly depends on the stability above 0.7448 level.
Therefore, we will continue to suggest the bullish trend supported by the EMA50, and the main target is represented by testing the main bearish channel's resistance at 0.7750, reminding you that it is important to monitor the price behavior when reaching this level, due to its importance of detecting the next destination on the short term and medium term basis.
Expected trading range for today is between 0.7448 support and 0.7650
Expected trend for today: Bullish
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