AUDUSD analysis 05.10.2020

The Australian dollar against the US dollar is now testing the pivotal resistance 0.7190, accompanied by the loss of positive momentum by the stochastic indicator, waiting to stimulate the price to resume negative trades, targeting 0.7100 then 0.6964 as the next major stations.

Therefore, we will continue suggesting the bearish trend for the upcoming period, noting that breaching 0.7190 will stop the expected decline and lead the price to achieve additional gains and head towards 0.7270 then 0.7413 as the main positive targets.

The expected trading range for today is between 0.7130 support and 0.7230 resistance.

The expected general trend for today: Bearish.