AUD analysis 24.12.2019

The Australian dollar fluctuated in a narrow range slanting back down during the Asian session to witness its bounce for the second session from the top since December 13, when it tested its highest since July 26 against the US dollar amid the scarcity of economic data by the Australian economy due to holidays Birthdays there and on the threshold of developments and economic data expected today Tuesday by the US economy.

At exactly 02:22 am GMT, the Australian dollar pair fell against the US dollar by 0.06% to 0.6918 levels compared to the opening levels at 0.6922, after the pair achieved its lowest level during the trading session at 0.6913, while achieving the highest at 0.6930.

Investors are currently awaiting by the US economy, the largest economy in the world, to disclose the reading of the Richmond Industrial Index, which may reflect an expansion of 1 value compared to a contraction of 1 value in the previous reading last November, and this comes amid looking to reveal the US Treasury 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.