AUDUSD analysis 08.04.2020

The Australian dollar versus the US dollar shows a bearish tendency after approaching our awaited target at 0.6236 yesterday, and it may test the pivotal support 0.6097 before resuming the positive trading.

Moving average 50 meets the mentioned support to add more strength to it, while the stochastic is trying to get rid of its negative momentum, and therefore, we continue to favor the bullish trend for the next period, provided stability above 0.6097, noting that exceeding 0.6236 will extend the upside wave to reach 0.6407 as a next target.

The expected trading range for today is between 0.6080 support and 0.6236 resistance.

Expected trend for today: bullish.