AUD analaysis 23.12 2019

The Australian dollar fluctuated in a narrow range tilted to the upside during the Asian session to witness its highest since December 13, when it tested the highest since July 26 against the US dollar after the developments and economic data that it had reported on the Australian economy in the first sessions of this week On the cusp of developments and economic data expected on Monday by the US economy.

At exactly 02:26 AM GMT, the Australian dollar pair rose against the US dollar by 0.12% to 0.6908 levels compared to the opening levels at 0.6896, after the pair achieved its highest level in two weeks at 0.6911, while it achieved its lowest during the trading session at 0.6892, Knowing that the pair started the trading session on a falling price gap after it concluded the trading last week at 0.6900 levels.

We have followed on from the Australian economy the release of the private sector credit index reading, which showed the stability of the pace of growth at 0.1%, little changed from what it was last October, contrary to expectations that indicated the acceleration of growth to 0.2%, while the annual reading of the same indicator showed The pace of growth slowed to 2.3% versus 2.5% in the prior annual reading for October, below expectations for 2.4%.

On the other hand, investors are currently awaiting by the US economy the disclosure of the Durable Goods Orders Index, which represents about half of consumer spending, which represents more than two-thirds of GDP in the United States, and that may reflect a slowdown in the pace of growth to 0.2% compared to 0.5% in October. October, while a substantial reading of the same indicator may show that the pace of growth accelerated to 1.5% compared to 0.5% in October.

Markets are also awaiting by the largest economy in the world, the disclosure of US housing market data with the release of the New Home Sales Index, which may indicate a decline in the decline to 0.4% or about 730 thousand homes, compared to a decline of 0.7% at about 733 thousand homes in the previous reading of October October comes amid an aspiration for the US Treasury to reveal its semi-annual report on economic policies and the international exchange rate.

Technical analysis

The Australian dollar versus the US dollar continues to rise quietly, steadily inside the bullish channel that appears in the image, and we note that the stochastic crosses positively now, to support the chances of achieving more gains during the upcoming sessions, and the path is open to achieving our main goal awaited at 0.7015, noting the importance Stability above 0.6670 to continue the suggested bullish wave.

The expected trading range for today is between 0.6860 support and 0.6970 resistance.

Expected trend for today: bullish.