AUDUSD under the negative pressure – Analysis - 19-09-2017

The AUDUSD pair broke the bullish trend line and settled below it, to start bearish correction for the rise measured from 0.7329 to the recent top 0.8125, noticing that the price found solid support at 23.6% Fibonacci level at 0.7937, reinforced by stochastic positivity.

On the other hand, the broken bullish trend line turns into good resistance now at 0.7993, as the EMA50 meets this resistance to add more strength to it, therefore, this contradiction between the technical factors makes us prefer staying aside temporarily until the price manages to breach one of the next trend keys represented by 0.7937 support and 0.7993 resistance.

Note that breaking the mentioned support will extend the correctional bearish wave to reach 0.7820 direct, while breaching the resistance represents the key to regain the main bullish trend that its targets begin at 0.8115 and extend to 0.8330.

Expected trading range for today is between 0.7850 support and 0.8050

Expected trend for today: Depends on the above mentioned levels