AUD Analysis 12.09.2019

AUDUSD continues to fluctuate at the resistance of the falling channel located at 0.6885, and the price is still stuck between the trend confirmation levels of the mentioned resistance and support at 0.6830, which makes us continue to remain neutral until the price confirms that it has crossed one of these levels.

The contradiction between the positive SMA 50 and the negative stochastic provides another reason for neutrality, noting that a break above 0.6885 will push the price for further gains and head towards 0.7020 areas in the near term, while a break of support will press the price to resume the bearish trend within the main descending channel, heading towards 0.6720 as the first major station.

Expected trading range for today is between 0.6830 support and 0.6920 resistance.

Expected trend for today: Neutral.