AUD analysis 04.02.2020

The Australian dollar fluctuated in a narrow range tilted towards the decline during the Asian session to witness the lowest since October 2, when it tested the lowest since mid-March 2009 against the US dollar on the threshold of the decisions and directions of the Reserve Bank of Australia and the developments and economic data expected on Tuesday from The American economy is the largest economy in the world.

At exactly 02:37 am GMT, the Australian dollar pair fell against the US dollar by 0.01% to 0.6691 levels compared to the opening levels at 0.6692, after the pair achieved its lowest level in four months at 0.6679, while it achieved its highest during the trading session at 0.6696 .

This is looking to the markets to the decisions and directions of monetary policy makers at the Reserve Bank of Australia with the release of the Australian Central Bank’s interest rates statement, amid expectations that it will stabilize for the third consecutive meeting at 0.75%. Sydney National Press Club, and its testimony on Thursday before his testimony before the Standing Committee on Economics of the House of Representatives in Canberra.

On the other hand, investors are currently awaiting by the US economy, the largest industrialized country in the world, the release of the factory orders index, which may reflect a 0.7% rise compared to a 0.7% decline in the past November, while the annual reading of the same index, excluding transportation, may show a slowdown in the pace of growth To 0.1%, compared to 0.3% in the prior annual reading for November.

Technical analysis

The Australian dollar versus the US dollar pair shows some slight bullish slope after recently reaching our awaited target at 0.6670, where the price is affected by the positivity of the stochastic, but we still believe that the overall bearish trend will continue to dominate the price stability below 0.6820, supported by the negative pressure formed by the moving average 50, Remembering that a break of 0.6670 will push the price to 0.6615 as a next negative stop.

The expected trading range for today is between 0.6650 support and 0.6750 resistance.

Expected trend for today: bearish.