AUD analysis 26.07.2019

The Australian dollar fluctuated in a tight range slipping towards the Asian session to see its sixth straight session rebound from its highest since April 24 and prepare for the first weekly loss of three weeks against the US dollar amid tight economic data at the end of the week by the Australian economy and The economic outlook for the US economy is expected to rise on Friday.

At 02:45 GMT, the AUDUSD fell 0.04% to 0.6948 compared to the opening levels of 0.6951, after reaching its lowest level since July 10 at 0.6941, while the highest in the trading session Session at 0.6955.

Investors are currently waiting for the US economy to disclose the preliminary GDP reading for the second quarter, which may show a slower pace of growth for the world's largest economy to 1.8% versus 3.1% in the first quarter, while the preliminary reading of GDP may reflect the price of a quarter Last quarter accelerated growth to 4.0% versus 0.9% in the first quarter.

Technical Analysis

Yesterday, the AUDUSD traded in a negative direction to break the 0.6975 level and settle below it, placing the price within the descending channel appearing on the picture, on its way to achieve further bearishness in the coming period.

Therefore, the bearishness will be likely to be supported today by the negative pressure formed by SMA 50, provided that the price remains steady below 0.6975, noting that our next target is at 0.6832.

The trading range for today is among the key support at 0.6880 and resistance at 0.6980

The general trend for today is bearish.