AUDUSD tests the support – Analysis - 24-03-2017

The AUDUSD pair continued its decline affected by the previously completed minor inverted head and shoulders' pattern, to reach the key support 0.7604 now, accompanied by stochastic move within the oversold areas, in attempt to protect the price from suffering more losses.

Until now, the bullish trend scenario still active as long as 0.7604 level remains intact, as breaking this level will push the price to return to the correctional bullish track again, while the price needs to breach 0.7650 to reinforce the expectations of continuing the bullish trend that its main targets begin at 0.7739 and extend to 0.7900.

Expected trading range for today is between 0.7560 support and 0.7739

Expected trend for today: Bullish