As today’s trading session commences, the AUDUSD pair exhibits pronounced negativity, targeting the 0.6570 level and showing clear intentions to breach it. A detailed analysis reveals the completion of a rising wedge pattern, signaling a prevailing bearish bias in the coming sessions, with downside objectives extending to 0.6500.
This bearish outlook is reinforced by the downward pressure exerted by the EMA50. It is essential to note that a breach of the 0.6580 level could act as a deterrent to the anticipated decline, potentially leading the price to initiate an upward correction.
The projected trading range for the day is anticipated to span from support at 0.6500 to resistance at 0.6600.
In summary, a bearish trend is expected for today, underpinned by the completed bearish pattern and the influence of the EMA50. However, caution is advised, and a breakthrough above 0.6580 could alter the current bearish trajectory, potentially triggering an upward correction.