AUD analysis 28.06.2019

The Australian dollar fluctuated in a tight range slipping into the Asian session to see its rebound from its highest since June 7, when it tested its highest since May 8, while still the second consecutive weekly gain against the US dollar amid The economic data is weak on the Australian economy and on the eve of economic developments and data expected Friday by the US economy.

At 0315 GMT, the AUDUSD dropped 0.03% to 0.7007, compared to the opening levels at 0.7009, after reaching a low of 0.6998 during the session, while its highest in three weeks at 0.7010 .

Investors are currently looking for the US economy to reveal their spending and personal income data, which may reflect the acceleration of personal spending growth to 0.5% from 0.3% in April, and personal income growth slowing to 0.3% from 0.5% in April. The Core Personal Consumption Expenditures Index stabilized at 0.2% in May, unchanged from April.

This comes ahead of the Chicago PMI reading, which may reflect a narrowing to 54.0 versus 54.2 last May and before the final reading of the University of Michigan Consumer Confidence Index, which may reflect a contraction of 97.4 as compared to the initial reading For June at 97.9 and against 100.0 in May.

Technical Analysis

AUDUSD is showing further bullishness above the 0.7000 barrier now, supporting the suggested positive scenario in our recent reports targeting 0.7044 as the next major station.

We note that a breach of this level will extend the pair's gains to 0.7100, while the expected upside will remain unless the level of 0.6965 is broken and stability below it.

The trading range for today is expected among the support at 0.6970 and the resistance at 0.7060.

The general trend for today is bullish.