AUDUSD Analysis 14.12.2018

The Australian dollar fell significantly during the Asian session to clear the gains this week, adding that the resumption of the sixth session resumed in ten sessions of the highest since August 9 against the US dollar amid a lack of economic data by the Australian economy and on the eve of developments and economic data expected on Friday from Ahead of the US economy, the world's largest economy.

At 03:52 GMT, the AUDUSD fell 0.57% to 0.7186, compared to the opening levels of 0.7227, after reaching a low of 0.7179, while the highest at 0.7229.

Investors are currently looking for the US economy to reveal the reading of retail sales, which account for about half of consumer spending, which accounts for more than two thirds of the US gross domestic product, which may reflect slowing growth to 0.2% from 0.7% in October, as may appear The core reading of the retail sales index slowed growth to 0.1% from 0.8% in October.

Before seeing the world's largest industrial producer release the industrial production index, which could reflect a faster growth rate of 0.3% compared to 0.1% in October, and reading the energy utilization index, which may show acceleration of growth to 78.6% compared to 78.4% Before we see the initial reading of the Industrial Purchasing and Service PMI Index from the United States.

Amid the expectations of shrinking the industrial sector to 55.1 compared to 55.3 last November and the stability of the expansion of the service sector at a value of 54.7, unchanged from the previous reading for the month of November, leading to the publication of the index of business stocks and Growth may accelerate to 0.6% versus 0.3% in September.

Technical Analysis

The Aussie dollar returned to the level of support at 0.7180 after reaching resistance at 0.7275 and rebounding from the moving average 7. The SMA 50 is strong support for the price

Since the price is below 0.7277, our bearish outlook remains valid for today, as a breach of this level will push the pair towards 0.7437 as the next correction target, with negative targets expected at 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