AUD analysis 27.02.2020

The Australian dollar versus the US dollar succeeded in achieving our awaited target at 0.6560 after the negative trading resumed yesterday, and a further decline appears within the descending channel that appears in the picture, which supports the chances of the continuation of the descending wave in the short term, pending the visit of the 0.6500 level as a next station.

Therefore, we will continue to favor the bearish trend during the upcoming sessions, noting that stability below 0.6670 is an important condition for the expected continuation of the decline.

The expected trading range for today is between 0.6500 support and 0.6590 resistance.

Expected trend for today: bearish.