AUDUSD Analysis 17.12.2018

The Australian Dollar (AUD) breached a narrowly bullish range during the Asian session against the US Dollar amid a lack of economic data from the Australian economy and on the eve of developments and economic data expected Monday by the US economy, the world's largest economy.

At 03:52 GMT, the AUDUSD rose 0.07% to 0.7177 compared with the opening levels at 0.7172, after reaching a high of 0.7182, while reaching a low of 0.7169.

Investors are currently eyeing the US economy for the New York Manufacturing Index, which shows a contraction to 20.1 versus 23.3 last November, before we see US housing data released with the housing index reading by the National Association of Home Builders Which may reflect an expansion to $ 61 versus $ 60 in November.

Technical Analysis

The AUDUSD gave negative trading last Friday to test areas of 0.7150, where the price is under continuous negative pressure formed by SMA 50, while stochastic loses its positive momentum gradually.

Therefore, our bearish outlook remains valid for the coming period provided stability remains below 0.7277, noting that the main awaited targets start at 0.7080 and extend to 0.7020.

The trading range for today is expected among the support at 0.7080 and resistance at 0.7220

The general trend for today is bearish