AUDUSD analysis 13.10.2020

The Australian dollar against the US dollar rebounded to the downside after it encountered strong resistance for the descending channel that appears in the image, approaching a test of the rising wedge support that confines the recent trades, which requires attention from the upcoming trades, as breaking the support of this pattern at 0.7145 will press the price to achieve Further decline and head towards 0.6964 areas mainly.

On the other hand, recovery and breaching the descending channel resistance at 0.7230 will lead the price to resume the main bullish trend and visit the recently recorded top at 0.7413 initially.

From here, we prefer to remain neutral temporarily until the price confirms breaking the support 0.7145 or breaching the resistance 0.7230, to determine the next destination more precisely.

The expected trading range for today is between 0.7100 support and 0.7230 resistance.

The expected overall trend for today: Neutral.