AUDUSD analysis

The Australian dollar fluctuated in a narrow range that tends to decline during the Asian session, to witness its rebound to the eighth session in thirteen sessions from its highest since February 2, 2018 against the US dollar, after the Governor of the Australian Central Bank Philip Lowe presented notes on the business analysis conference in Melbourne on Monday And amid a lack of economic data early this week by the US economy, the largest in the world.

At exactly 05:19 am GMT, the Australian dollar against the US dollar fell 0.03% to 0.7748 levels compared to opening levels at 0.7750, after the pair achieved its lowest level during the session's trading at 0.7744, while it achieved its highest at 0.7776, knowing that The pair started the session on a descending gap after ending last week’s trading at 0.7764 levels.

We followed up on Reserve Bank of Australia Governor Philip Lowe's speech online to Melbourne Business School in which he noted "one piece of the recovery that has yet to be clicked is business investment", referring to the fact that the Australian central bank is moving forward with support until the goals of full employment and inflation are achieved, She told him that the unemployment rate is very high and that the economy is operating below its capacity, adding that the growth of inflation and wages is less than what the Australian central wanted.

On the other hand, markets are looking forward to tomorrow, Tuesday, the start of the FOMC meeting on March 16-17, during which interest rates are expected to remain at the lowest ever interest rates between zero and 0.25% and on the bond purchase program in excess of $ 120. One billion, including between $ 80 billion to buy government bonds and $ 40 billion to buy mortgage bonds.

Investors are also waiting tomorrow, Wednesday, to reveal the expectations of members of the Federal Open Market Committee for growth rates, inflation and unemployment in addition to the future interest rates for the next three years, half an hour before the press conference that Fed Governor Jerome Powell will hold on Wednesday to comment on the decisions of the makers Monetary Policy of the Federal Reserve Bank

Technical analysis

The Australian dollar versus the US dollar is trading below 0.7765, to keep the negative pressure in place for the upcoming period, whose next target is at 0.7615.

Note that breaching 0.7765 will push the price to test the most important resistance for intraday and short-term trading at 0.7850, before determining the fate of the next trend more clearly.

The expected trading range for today is between 0.7680 support and 0.7800 resistance

The expected general trend for today: Bearish