AUDUSD analysis 24.08.2020

The Australian dollar versus the US dollar managed to break the support of the bullish intraday channel and settled below it, which supports the continuation of our bearish expectations effectively in the upcoming sessions, supported by moving below the EMA50, waiting to head towards 0.7065, which represents our first target.

Consequently, the bearish bias will be likely for today unless we witness an upside rally to breach 0.7243 and stabilize above it.

The expected trading range for today is between 0.7100 support and 0.7200 resistance.

The expected general trend for today: Bearish.