The AUDUSD pair trades near the main bearish channel’s resistance located now at 0.7700, accompanied by witnessing clear overbought signals through stochastic, which forms negative pressure that supports the strength of the mentioned resistance.
On the other hand, the EMA50 provides positive support to the price, to carry the price to trade inside the minor bullish channel that appears on image, as it meets the key support 0.7595 to add more strength to it.
Therefore, this contradiction between the technical signals makes us keep our neutrality until the price manages to breach one of the above mentioned levels, noting that breaching 0.7700 resistance will lead the price to extend its gains on the short term and medium term basis, to begin the positive targets at 0.7833 followed by 0.8115, while breaking 0.7595 support represents negative factor that will push the price to return to the correctional bearish track that its initial targets located at 0.7448 then 0.7329.
Expected trading range for today is between 0.7570 support and 0.7833
Expected trend for today: Depends on the above mentioned levels
Origin: Economies
