AUDUSD analysis 16.10.2020

The Australian dollar against the US dollar settled below 0.7100, enhancing the chances of continuing the bearish trend over the intraday basis, and we believe that the path is open to head towards our next main target at 0.6964.

Therefore, the bearish trend scenario will remain valid and effective for the upcoming period, supported by the EMA50, keeping in mind that the continuation of the bearish wave requires stability below 0.7205.

The expected trading range for today is between 0.7010 support and 0.7140 resistance.

The expected general trend for today: Bearish.