AUDUSD analysis 08.10.2020

The Australian dollar against the US dollar is fluctuating around the moving average 50, which constitutes a good intraday resistance against the price, noting that the stochastic oscillator is now crossing negatively, which supports the chances of resuming the expected bearish trend for the upcoming period, whose next target is at 0.6964.

Thus, we will maintain our bearish expectations unless the 0.7190 level is breached and holding with a daily close above it.

The expected trading range for today is between 0.7050 support and 0.7190 resistance.

The expected general trend for today: Bearish.