AUD Analysis 28.11.2019

The Australian dollar fluctuated in a narrow range tilted to decline during the Asian session to witness the lowest since October 17 against the US dollar following the developments and economic data that followed on Thursday on the Australian economy and amid the lack of economic data by the US economy, the largest economy in the world because Thanksgiving holiday in the United States.

At 03:40 am GMT, the Australian dollar against the US dollar fell 0.16% to 0.6765 levels compared to the opening levels at 0.6776, after the pair reached its lowest level in six weeks at 0.6759, while the pair achieved the highest during the session at 0.6778 .

The Australian economy followed the release of the Private Capital Expenditure Index which showed that the decline shrank to 0.2% from 0.6% in the second quarter, worse than expectations that indicated stability at zero levels. Otherwise, yesterday we followed Westpac's disclosure of its forecast. The Reserve Bank of Australia cut interest rates twice during the first half of 2020, before the start of the monetary easing program during the second half.

Technical Analysis

AUDUSD is showing a slight bearish bias to gradually creep towards our first awaited target at 0.6725, keeping the bearish scenario valid for the intraday and short term;

Expected trading range for today is between 0.6720 support and 0.6800 resistance.

Expected trend for today: Bearish.