AUDUSD analysis 24.04.2020

The Australian dollar versus the US dollar tested a pivotal resistance 0.6407 and started bouncing down from there, to keep the downside scenario effective for the next period, supported by the negative signal provided by the stochastic indicator now, and the price needs to exceed 0.6320 to facilitate the task of heading towards our first awaited target at 0.6236.

Stability below 0.6407 is important for the continuation of the expected decline, as its breach will lead the price to resume the short term bullish trend and open the way for additional gains that start at 0.6500 and extend to 0.6685.

The expected trading range for today is between 0.6260 support and 0.6400 resistance.

Expected trend for today: bearish.