AUD analysis 16.03.2020

The Australian dollar versus the US dollar made a strong break to support the main descending channel and settled below it, which stops the positive scenario suggested in our recent report and leads the price to achieve a further decline in the short and medium term, on his way to visit the 0.6000 areas as the next main station.

Thus, a downside trend will be likely in the upcoming sessions, noting that a break of 0.6235 will lead the price to recover and achieve positive targets that start at 0.6320 and extend to 0.6460.

The expected trading range for today is between 0.6190 support and 0.6200 resistance.

Expected trend for today: bearish.