The AUDUSD pair is currently hovering around the 0.6300 level and is encountering persistent downward pressure, primarily driven by the EMA50. This situation sets the stage for the expected resumption of the bearish trend, both in the intraday and short-term perspectives, with the next target located at 0.6200.
Stochastic also continues to lose its positive momentum, further supporting the anticipated decline. To maintain the validity of this bearish outlook, it’s crucial for the price to remain below 0.6400.
The anticipated trading range for today is expected to be between the support level at 0.6250 and the resistance level at 0.6350. As it stands, the prevailing trend for today appears to be bearish.