AUD analysis 20.06.2019

The Australian dollar rose during the Asian session to see its rebound to its third straight session since June 3 against the US dollar after the Reserve Bank of Australia's central bank speech and the monthly release of the central bank on the eve of developments and economic data on Thursday from the US economy, the world's largest economy Which includes the meeting of the Federal Open Market Committee in Washington.

At 0200 GMT, the AUDUSD rose 0.25% to 0.6909, compared to the opening levels of 0.6876, after recording a low of 0.6875, while recording a high of 0.6910.

Investors are currently looking for the US economy to release the current account reading, which could reflect a contraction of the deficit to $ 125 billion versus $ 134 billion in the fourth quarter, coinciding with the release of the Philadelphia Manufacturing Index by the world's largest industrial country, From 10.6 to 16.6 last May.

This comes in conjunction with the reading of the index of claims for the week ending on the 15th of this month, which may reflect a decrease by two thousand requests to 220 thousand requests compared to 222 thousand requests in the previous weekly reading, as may be clear reading the index of continuing claims for the week of the eighth in the eighth Of the month fell by 15 thousand applications to 1,680 thousand applications compared to 1,695 thousand applications.

Leading to the release of leading indicators that may show a contraction of 0.1% vs. 0.2% last April, hours after the FOMC meeting of 18-19 June ended. Interest rates between 2.25% and 2.50% and disclosure of the Federal Commission's expectations of growth rates, inflation and unemployment as well as future interest rates for the next three years

Technical Analysis

AUDUSD closed the daily candlestick above 0.6875, pushing the price higher for more intraday gains, supported by the positive sign from Stochastic now, and we expect to test the 0.6970 initially, noting that exceeding this level will push the price to visit 0.7044 As a next station.

Therefore, the bullish trend will be likely for today unless the level of 0.6865 is broken and stability below it.

The trading range for today is among the key support at 0.6865 and resistance at 0.6950.

The general trend for today is bullish.