AUD analysis 13.03.2020

The Australian dollar pair traded against the US dollar with a strong negative yesterday to succeed in achieving our extended target which is at 0.6230, which represents the support of the main descending channel that appears in the picture, and according to the trading rules inside the price channels, the price is on its way to start an upside wave targeting the resistance areas of the mentioned channel .

Therefore, the bullish trend will be likely for the upcoming period, targeting 0.6670 then 0.6905 levels as the next major stations, noting that a break of 0.6390 is required to facilitate the task of achieving the mentioned goals, while the positive scenario will remain valid unless the 0.6225 level is broken and stability below it.

The expected trading range for today is between 0.6250 support and 0.6400 resistance.

Expected trend for today: bullish.