The AUDUSD pair provided clear positive trades yesterday to attack 0.7125 level, noticing that the price forms new inverted head and shoulders’ pattern, which hints the attempt to resume the correctional bullish wave, but it faces negative obstacle formed by stochastic.
Therefore, the contradiction between the technical factors makes us prefer to stay aside until we get clearer signal for the next trend, noting that breaching 0.7140 will activate the positive effect of the mentioned pattern and push the price to achieve gains that start at 0.7205 and extend to 0.7275, while failing to breach will press on the price to resume the bearish trend and head towards 0.7000 initially.
The expected trading range for today is between 0.7060 support and 0.7175 resistance
The expected trend for today: Neutral
Origin: Economies
