AUDUSD Analysis 26.12.2018

The Australian dollar fluctuated in a tight range sloping upward during the Asian session to see its rebound to its second lowest session since October 26 when it tested its lowest since February 11, 2016 against the US dollar amid tight economic data by the economy And on the eve of developments and economic data expected Wednesday by the US economy, the largest economy in the world.

At 3:14 am GMT, the AUDUSD rose 0.06% to 0.7040 compared with the opening levels of 0.7036, after recording a high of 0.7055 and a low of 0.7033.

The markets are currently looking for the US economy to release housing data with the S & P House Price Index reading, which may show a slowdown in growth to 4.8% versus 5.1% last September, before we see the Richmond Industrial Average reading which may reflect Extending from 16 to 14 last November.

Technical Analysis

The AUDUSD is trading near the 0.7020 level. The price is under negative pressure with the previously completed head and shoulders pattern, which supports the breach of the mentioned level towards 0.6920 which represents our next negative target. The bearish trend will prevail over the next period provided stability below 0.7130.

We push the moving averages on the price and wait for the SMA 20 to complete the SMA 50 to get an ideal bearish order.

At the same time moving the Stochastic within the oversold area in a negative signal to the price movement

The trading range for today is expected among the support at 0.6970 and the resistance at 0.7100

The general trend for today is bearish