The AUDUSD price forecast update 08-05-2024

AUDUSD Price Analysis

Expected Scenario

• The AUDUSD price achieved initial break to 0.6570$ level.
• Attempts to hold below it, supporting the continuation of the domination of the expected bearish trend for today.
• Paving the way to head towards 0.6500$ that represents the next negative target.
• Waiting for more decline for the rest of the day conditioned by the price stability below 0.6570$.
• Failing to confirm the break will push the price to start recovery attempts and target 0.6640$ areas initially.

Expected Trading Range

Between 0.6520$ support and 0.6625$ resistance.