The AUDUSD pair keeps its stability below 0.6665 level, and by taking a deeper look at the chart, we find that the price formed head and shoulders’ pattern that its confirmation line located at 0.6635, which means that breaking this level will provide strong negative motive that will push the price to achieve negative targets that surpass 0.6550 to reach 0.6460.
Stochastic begins to provide negative overlapping signals now, to form negative motive that we expect to push the price to break the neckline of the mentioned pattern and active the negative effect of this pattern.
Therefore, the bearish trend will remain valid and active conditioned by the price stability below 0.6665 and 0.6705 levels.
The expected trading range for today is between 0.6580 support and 0.6690 resistance
The expected trend for today: Bearish
Origin: Economies
