AUDUSD analysis 02.09.2020

The Australian dollar against the US dollar opens the trading day with an additional bearish tendency to approach the pivotal support 0.7325, and the price needs to consolidate above this level to keep the bullish trend scenario effective for the coming period, as breaking it will cause more decline to test the upside channel support around 0.7230 before any new positive attempt.

So far, we are continuing to suggest the bullish trend, provided it is stable above 0.7325, supported by the moving average 50 and the stochastic indicator, noting that our next main target is at 0.7485.

The expected trading range for today is between 0.7300 support and 0.7420 resistance

The expected general trend for today: Bullish.