The AUDUSD pair managed to break the neckline of the head and shoulders’ pattern to activate the negative effect of this pattern and get negative motive that we are waiting to push the price to achieve the negative targets at 0.6550 followed by 0.6460.
Therefore, the bearish trend will remain valid for the upcoming period, supported by the EMA50, noting that stochastic positivity interprets the reasons of today’s positive open, while the bearish trend will remain active unless breaching 0.6665 – 0.6675 levels and holding above them.
The expected trading range for today is between 0.6570 support and 0.6680 resistance
The expected trend for today: Bearish
Origin: Economies
