AUDUSD under the negative pressure – Analysis - 30-09-2016

The AUDUSD pair bounced clearly to the downside after failing to breach 0.7700 level, to trade below the main bearish channel's resistance now, located at 0.7630, which makes us return to neutrality until we get clearer signal for the next trend, as the EMA50 forms negative pressure against the intraday trading, while stochastic provides positive signals that might assist to push the price to rise again.

The price needs to breach one of the next trend keys represented by 0.7595 support and 0.7630 resistance to detect its next destination clearly, noting that breaching this resistance will reactivate the bullish trend scenario that its targets begin at 0.7833 and extend to 0.8115, while breaking the support will push the price to decline towards 0.7448 initially.

Expected trading range for today is between 0.7500 support and 0.7750

Expected trend for today: Neutral