AUD Analysis 29.08.2019

AUDUSD managed to break the support of the bearish triangle mentioned yesterday and closed the daily candle below it, activating the negative effect of this pattern, prompting the price to continue the bearish trend, and the road is open to test the 0.6700 level which represents our first target.

Thereby, we are waiting for further declines in the coming sessions, noting that a breach of the target will push the price to 0.6615, while the expected decline will remain valid if it holds below 0.6830.

Expected trading range for today is between 0.6670 support and 0.6780 resistance.

Expected trend for today: Bearish.