AUD Analysis 25.10.2019

The Australian dollar fluctuated in a narrow range tilted to decline during the Asian session to witness the rebound for the fourth consecutive session from the highest since September 16 against the US dollar amid the lack of economic data by the Australian economy and on the eve of developments and economic data expected on Friday by the economy American largest economy in the world.

At 02:50 am GMT, the Australian dollar against the US dollar fell by 0.07% to 0.6814 levels compared to the opening levels at 0.6819, after the pair reached its lowest level during the trading session at 0.6809, while the pair achieved the highest at 0.6821.

Investors are currently awaiting the US economy to release the final reading of the University of Michigan Consumer Confidence, which could show a steady expansion of 96.0, little changed from the initial reading for October and 93.2 in September. The US is reading the federal budget which may show a surplus of $ 83.5 billion versus a deficit of $ 200.3 billion last August.

Technical Analysis

AUDUSD is retesting the breached resistance of the descending channel shown, noting that SMA 50 meets the pivotal support formed at 0.6800 zones to add more strength to it, waiting for a rebound upwards and resuming the upside corrective trend.

Therefore, the positive scenario will remain valid for the coming period, provided it holds above 0.6800, noting that the next major target is at 0.7015.

Expected trading range for today is between 0.6780 support and 0.6880 resistance.

Expected trend for today: Bullish.