AUD USD returns to the sideways range – Analysis - 24/11/2014

The AUDUSD trading settled above the sideways range support that appears on the above chart which is located at 0.8660, while we can see a contradiction between the technical factors now, as the price leans well above the mentioned level, supported by the EMA50, while the price is facing stochastic negativity besides the intraday bearish trend line located at 0.8750.

Therefore, we prefer staying aside now until we get a clearer signal for the trend, through surpassing one of the key levels represented by 0.8660 support and 0.8750 resistance, as breaking the mentioned support will push the price to decline again and target 0.8400 areas mainly, while breaching the resistance will motivate the price to achieve good gains that its initial targets reach towards 0.8895.

Expected trading range for today is between: 0.8540 support and 0.8840 resistance.

Expected trend for today: Neutral