AUD analysis 10.02.2020

The Australian dollar rose during the Asian session to witness its bounce for the second session from the lowest since March 18 of 2009 against the US dollar amid the scarcity of economic data today Monday by the Australian economy and its American counterpart and on the cusp of the speech of members of the Federal Open Market Committee each of the Deputy Governor Fed Michael Bowman in Florida and Philadelphia Fed President Patrick Harker at the University of Delaware.

At exactly 02:51 AM GMT, the Australian dollar pair rose against the US dollar by 0.34% to 0.6703 levels compared to the opening levels at 0.6680, after the pair achieved its highest level during the trading session at 0.6706, while the pair achieved its lowest at 0.6660, with Knowing that the pair started the trading session on a falling price gap after it concluded the trading last week at 0.6673 levels.

On the other hand, investors are currently awaiting what will come out of the FOMC’s talk every day, with Fed Vice Governor Michael Bowman delivering a speech titled “Empowering Community Banks” at the American Bankers Association for Community Banks ’Conference in Florida, leading to a keynote talk Philadelphia Fed Patrick Harker about the economic outlook at the University of Delaware.

This comes hours before the launch of the activities of the semi-annual testimony of the Federal Reserve Governor Jerome Powell before the US Congress, where it is expected that Powell will deliver tomorrow, Tuesday, the first half of his half-year testimony about monetary policy before the Financial Services Committee in the House of Representatives, before he makes the day after tomorrow In the second half of his semi-annual testimony about monetary policy before the Senate Banking Committee.

Technical analysis

The Australian dollar versus the US dollar trades steady at 0.6670, as some bullish bias is affected by the strength of this level, noting that the stochastic crosses negatively to support opportunities to resume the bearish bias during the upcoming sessions.

In general, we continue to favor the bearish trend over the intraday and short term, provided stability below 0.6754, reminding you that exceeding 0.6670 will push the price to 0.6560 as the next main station.

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

Expected trend for today: bearish.