AUD Analysis 25.11.2019

The Australian dollar fluctuated in a narrow uptrend range during the Asian session to witness the rebound to the second session of the lowest since November 14, when it tested the lowest since October 17 against the US dollar amid the lack of economic data on Monday by the economy The Australian is looking forward to the upcoming talk of Fed Governor Jerome Powell on Rhode Island.

At 03:45 am GMT, the Australian dollar against the US dollar rose 0.01% to 0.6795 levels, compared to the opening levels at 0.6794, after the pair achieved the highest during the session at 0.6803, while the lowest level at 0.6787, knowing The pair started this week on a bullish price gap after closing last week at 0.6786 levels.

Investors are now looking forward to the Reserve Bank of Australia Assistant Governor in charge of Risk Management Jay Diabel addressing Labor and Wages at the National Conference of the Australian Social Service in Canberra, hours before Australian Central Bank Governor Philip Lowe will deliver a speech on Tuesday. The other is titled "Unconventional Monetary Policy: Some Lessons from Abroad" at the annual dinner for Australian business economists in Sydney.

Technical Analysis

AUDUSD is hovering around the support line shown in the chart above, and is under negative pressure from SMA 50, awaiting further declines over the coming sessions, targeting 0.6725 then 0.6670 mainly.

Conversely, a breach of 0.6840 will halt the bearish outlook and push the pair to a near-term gain of 0.7015.

Expected trading range for today is between 0.6740 support and 0.6820 resistance.

Expected trend for today: Bearish.