AUDUSD analysis 17.08.2020

The Australian dollar against the US dollar will resume its positive trading, surpassing the 0.7170 level and settling above it, which re-activates the main bullish trend scenario, on its way to test the recently recorded top at 0.7243 initially, waiting for the breach of this level to pave the way for the extension of the bullish wave towards 0.7400 as a next major stop.

Thus, the upside will be likely during the upcoming sessions unless breaking 0.7110 level and holding below it.

The expected trading range for today is between 0.7140 support and 0.7250 resistance.

The expected general trend for today: Bullish.