The AUDUSD pair has displayed a bearish bias at the commencement of today’s trading session, primarily influenced by the negative momentum observed in the Stochastic indicator. As a result, there is a likelihood of a test of the critical support level at 0.6400 before a potential rebound.
It’s important to note that the overall bullish trend scenario remains valid unless there is a decisive break below the aforementioned support level, accompanied by a daily close below it. Traders should keep in mind that the primary target is situated at 0.6545.
The expected trading range for today is anticipated to be between the support level at 0.6380 and the resistance level at 0.6470.
In summary, the AUDUSD pair is currently contending with negative momentum but maintains its overall bullish trend, with a critical support level at 0.6400 acting as a pivotal point for traders to watch closely.