AUDUSD pushes on the support – Analysis - 26-05-2017

The AUDUSD pair continued its negative trading to push on the key support 0.7451 now, noticing that there is signs of double top pattern that its confirmation line located at 0.7440, which means that breaking this level will push the price for more decline on the intraday basis.

On the other hand, the price still above the previously breached key resistance of the correctional bullish channel, and it gets positive support by stochastic, therefore, this contradiction between the technical factors makes us prefer staying aside temporarily until we get clearer signal for the next trend, waiting to breach one of the next trend keys represented by 0.7440 support and 0.7465 resistance, noting that breaking this support will push the price towards 0.7383 initially, while breaching the resistance will bring the price back to its main bullish track that its targets begin at 0.7519 and extend to 0.7604.

Expected trading range for today is between 0.7340 support and 0.7550

Expected trend for today: Depends on the above mentioned levels