The AUDUSD faces solid support – Analysis - 01-03-2021

The AUDUSD pair fluctuates around the main bullish channel’s support line, and it attempted to break it but it couldn’t manage to hold below it, noticing that the price begins today with new bearish bias that hints the beginning of new attempts to break.

Until now, we prefer to continue neutral until the price confirms breaking 0.7725 support or breaching 0.7765 resistance, noting that breaking the mentioned support will press on the price to achieve more decline that its targets extend to 0.7610, while breaching the resistance represents the key to resume the main bullish trend that its main targets begin at 0.7885 followed by 0.8000.

The expected trading range for today is between 0.7670 support and 0.7800 resistance

The expected trend for today: Neutral