AUDUSD Analysis 13.12.2018

The Australian dollar fluctuated in a narrow bullish range during the Asian session to see its rebound for the fourth consecutive session from its lowest since November 13 against the US dollar following developments and economic data that followed on the Australian economy and on the eve of developments and economic data expected on Thursday from Ahead of the US economy, the world's largest economy.

At 03:56 am GMT, the AUDUSD rose 0.11% to 0.7228, compared to the opening levels of 0.7220, after reaching a high of 0.7231 and a low of 0.7212.

The Australian economy released the Melbourne Institute reading of consumer expectations of inflationary pressures, which showed a rise to 4.0% from 3.6% in November, before the release of the Reserve Bank of Australia's monthly bulletin, Kent is likely that the next step is to raise interest rates and that there is also nothing to prevent them from being cut.

On the other hand, investors are looking for the US economy to read the index of claims for the week ending on December 8, which may reflect a decrease of 5 thousand requests to 226 thousand requests in the previous weekly reading, while the reading of the index of continuing claims for the week with Earlier this month rose by 19 thousand applications to 1,650 thousand in the previous weekly reading.

While the reading of the import price index, which may reflect a decline of 1.0% against 0.5% in October, while the annual reading of the same index may show a slowdown in growth to 1.3% versus 3.5%, before we see the Treasury US Treasury budget reading, which may reflect a widening deficit to $ 193.5 billion versus $ 100.5 billion in October.

Technical Analysis

AUDUSD is trading below the moving average 7 which is a continuous negative pressure against the price, reinforcing expectations for the continuation of the bearish trend in the coming period,

While the Stochastic is attempting to exit the oversold area

Therefore, we are waiting for negative trading for today unless the level of 0.7275 is breached and stability above it, noting that the following main targets are 0.7080 and 0.7020.

The trading range for today is among the key support at 0.7140 and resistance at 0.7277

The general trend for today is bearish