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AUD analysis 29.06.2020

The Australian dollar fluctuated in a narrow range slanting toward a decline during the Asian session against the US dollar amid the scarcity of economic data by the Australian economy at the beginning of this week and on the cusp of developments and economic data expected on Monday by the American economy and in light of investors' assessment of the spread of the Corona virus amid concern from a wave Again, especially with the United States reviewing plans to reopen it.

At exactly 02:37 AM GMT, the Australian dollar pair declined against the US dollar by 0.31% to 0.6883 levels compared to the opening levels at 0.6862, after the pair achieved its highest level during the trading session at 0.6884, while the pair achieved its lowest at 0.6846, with The pair is the easiest trading session on a falling price gap after it concluded the trading last week at 0.6865 levels.

Investors are currently awaiting the release of housing market data by the US economy, with the release of existing home sales, which may show a shrinkage decline to 15.0% compared to 20.8% last April. Otherwise, markets are looking to tomorrow for Federal Reserve Governor Jerome Powell’s testimony With US Treasury Secretary Stephen Mnuchin via satellite in front of the House Financial Services Committee in Washington.

Technical analysis

The narrow range dominates the trading of the Australian dollar against the recent US dollar, which continues to fluctuate around the EMA50, and therefore, there is no change in the downside scenario that mainly targets the visit of 0.6700, while stability below 0.6900 is an important condition to achieve it.

The expected trading range for today is between 0.6800 support and 0.6950 resistance.

Expected trend for today: bearish.

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