AUD analysis 13.01.2020

The Australian dollar fluctuated in a narrow range tilted to the upside during the Asian session, to witness its bounce for the second session in four sessions, its lowest since December 19 against the US dollar, following the economic developments and data that it had reported on the Australian economy and on the cusp of developments, data and developments expected on Monday from Before the American economy the largest economy in the world.

At exactly 02:33 AM GMT, the Australian dollar pair rose against the US dollar by 0.23% to 0.6910 levels compared to the opening levels at 0.6894, after the pair achieved its highest level during the trading session at 0.6913, while achieving the lowest at 0.6882, knowing , That the pair started the trading session on a falling price gap after it concluded the trading last week at 0.6901 levels.

We have followed the Australian economy, the Melbourne Institute (MI) revealed a reading of the inflation gauge index, which showed a growth of 0.3% against stability at zero levels in November, while the annual reading of the same index showed that growth slowed to 1.4% versus 1.5%, otherwise Investors are looking to the US economy for the Treasury to reveal the Federal Budget reading, which may reflect the deficit narrowing to $ 15.0 billion, compared to $ 208.8 billion in November.

Technical analysis

The Australian dollar versus the US dollar found it difficult to exceed the EMA50, to start providing positive trades on its way to test the 0.7015 level again, so that the bullish bias is likely during the upcoming sessions supported by the positivity of the stochastic indicator.

We point out that a break of 0.6875 will stop the expected rise and put pressure on the price to visit the 0.6800 level as a next negative target.

The expected trading range for today is between 0.6875 support and 0.6975 resistance.

Expected trend for today: bullish.