The AUDUSD draws negative formation – Analysis - 03-04-2023

The AUDUSD pair couldn’t manage to reach our waited positive target at 0.6780, to trade negatively and press on 0.6665 level, and by taking a deeper look at the chart, we find that the price recorded lower high that supports the chances of turning to decline and head to achieve more expected bearish correction in the upcoming sessions, on its way to visit 0.6550 as a next negative target.

Therefore, we expect to witness more bearish bias today, supported by moving below the EMA50, noting that consolidating above 0.6665 will stop the current negative pressure and lead the price to recover and achieve gains that start by visiting the above mentioned positive target.

The expected trading range for today is between 0.6600 support and 0.6700 resistance

The expected trend for today: Bearish