AUDUSD oscillates around SMA 50, which is a good resistance to last positive price attempts, while Stochastic is losing its positive momentum again to approach overbought areas. Therefore, we believe that opportunities are available to resume the bearish trend in the coming sessions, Test the 0.7633 initially.
Therefore, the bearish trend will remain likely over intraday and short term unless the level of 0.7727 is breached and stability above it, noting that a break of 0.7633 will confirm the extension of the downside wave towards 0.7516.
---------- Post added at 11:07 PM ---------- Previous post was at 03:08 AM ----------
AUDUSD is fluctuating near the pivotal support of 0.7633 now, waiting to break this level to reinforce expectations of the extension of the bearish wave towards our next target at 0.7516.
Overall, the bearish trend will remain bearish for the coming sessions provided stability remains below 0.7727, noting that the SMA 50 continues to support the downside wave by negatively affecting the price.
The trading range for today is expected among the support at 0.7550 and the resistance at 0.7700