The AUDUSD currency pair commenced today’s trading session on a distinctly negative note, signaling a break below the support line of the intraday bullish channel. This break has given rise to a bearish flag pattern, amplifying expectations of forthcoming downward pressure in the sessions ahead.
This bearish bias is expected to set the stage for a potential test of the 0.6400 support level, with the possibility of a further decline towards 0.6300 as a subsequent bearish target.
It is worth noting that this bearish sentiment is reinforced by the pair’s position below the EMA50 (Exponential Moving Average 50). However, it is essential to be mindful that the failure to breach the 0.6400 level may halt the negative scenario, potentially leading to a price recovery.
For today’s trading session, the projected trading range is expected to span between the support level at 0.6360 and the resistance level at 0.6445.
In summary, the AUDUSD currency pair has completed a bearish pattern, characterized by a break below the intraday bullish channel’s support line. This development has created a bearish flag pattern, signaling the potential for forthcoming downward pressure, with immediate targets at 0.6400 and 0.6300. However, the scenario hinges on the ability to breach the 0.6400 level, with a failure potentially leading to a recovery in prices.