AUD Analysis 29.11.2019

The Australian dollar fluctuated in a narrow uptrend range during the Asian session while still making its fourth weekly loss in a row and the first monthly loss in three months against the US dollar following the developments and economic data that followed on Friday on the Australian economy and amid the lack of economic data by the US economy The world's largest economy after hours of Thanksgiving holidays in the United States.

At 03:59 AM GMT, the AUDUSD is up 0.03% at 0.6772 compared to the opening levels of 0.6770, after the pair reached its highest level during the session at 0.6773, while the pair achieved the lowest at 0.6764.

The Australian economy followed the release of the private sector credit which showed growth slowed to 0.1% vs. 0.2% in September, contrary to expectations for an acceleration of growth to 0.3%, and the annual reading of the same index showed that growth slowed to 2.5% compared to the reading. The prior year for September was forecast at 2.7%, which came on the eve of the release of the housing market data with the release of the New Home Sales Index released by the Housing Industry Association during October.

Technical Analysis

AUDUSD did not show any strong movement yesterday, to remain stable around 0.6775, therefore, no change to our expectations for a bearish trend that depends on stability below 0.6840, supported by negative pressure formed by SMA 50, with reminders that our awaited targets start At 0.6725 and extending to 0.6670.

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

Expected trend for today: Bearish.