AUDUSD analysis 26.08.2020

The Australian dollar against the US dollar provided slight positive trades yesterday to move above SMA 50, noting that the stochastic indicator lost its positive momentum to show clear overbought signs, which supports the chances of resuming the expected bearish trend for the coming period, which targets initially visiting the 0.7065 level.

We note that the continuation of the expected decline depends on stability below 0.7243, as a breach of it will lead the price to resume the main bullish trend again.

The expected trading range for today is between 0.7130 support and 0.7240 resistance.

The expected general trend for today: Bearish.