22.10.2019
The Australian dollar fluctuated in a narrow upward range during the Asian session to witness the rebound to the tenth session in 15 sessions from the lowest since March 18, 2009 against the US dollar on the eve of developments and economic data expected on Tuesday by the Australian economy and its counterpart US economy The largest economy in the world.
At 02:35 am GMT, the AUDUSD rose 0.01% to 0.6869 levels from opening levels of 0.6868, after hitting its highest level since September 16 at 0.6883, while the pair The trading session was at 0.6863.
Investors are currently awaiting the Australian economy to reveal the reading of the leading indicators for August, before we also see later today the Reserve Bank of Australia's assistant governor on financial markets, Christopher Kent, in a panel discussion at the International Exchange and Derivatives Association in Sydney.
On the other hand, markets are looking ahead to the US economy to reveal the housing market data with the release of the existing home sales index which may show a decline of 0.7% to 5.45 million homes compared to a rise of 1.3% at 5.49 million homes in August, and that comes before we see The Richmond Manufacturing Index is expected to show contraction shrinking to 7 vs. 9 in September.
AUDUSD is creeping upwards quietly, noting that the pair is forming a double bottom pattern, which is highlighted in the chart above, supporting the continuation of the bullish trend over the coming period, targeting 0.7015 as the next major stop.
Therefore, we hold onto our bullish outlook unless 0.6800 is broken and holds below it.
Expected trading range for today is between 0.6820 support and 0.6920 resistance
Expected trend for today: Bullish
Thank you for subscribing to our analytics
You already subscribed
Don't have your language?
