The AUDUSD reaches the target – Analysis - 11-09-2019

The AUDUSD pair managed to reach to our waited target at the main bearish channel’s resistance, accompanied with the issuance of clear overbought signals from stochastic, which might press on the price to resume the main bearish trend.

On the other hand, we notice that the EMA50 provides positive support for the price, forming a positive motive that might assist breaching the mentioned channels resistance and opening the way towards achieving more of the gains.

Therefore, we prefer staying aside until confirming breaching 0.6885 resistance or breaking 0.6830 support, pointing that breaching this resistance will extend the bullish wave to reach 0.7020, while breaking the support will push the price to resume the bearish trend that its initial target is located at 0.6730.

The expected trading range for today is between 0.6830 support and 0.6920

The expected trend for today: Neutral