AUD analysis 23.03.2020

The Australian dollar fell during the Asian session to witness the resumption of the marches of decline, which stopped for the first time in ten sessions at the end of last week before resuming at the beginning of this week the march against the US dollar amid fears of the spread of the Corona virus epidemic globally and on the cusp of developments and economic data expected on Monday by The Australian economy is in the midst of tight economic data from the US economy earlier this week.

At exactly 02:50 am GMT, the Australian dollar pair declined against the US dollar by 0.82% to 0.5743 levels compared to the opening levels at 0.5790, after the pair achieved its lowest level during the trading session at 0.5700, while achieving the highest at 0.5825, knowing The pair concluded the trading last week at 0.5785 levels, before it started the trading session on an upward price gap.

Investors may now be looking to reveal the initial reading of the Markit Industrial and Services PMI for Australia for the month of March, while markets later this week by the US economy, the largest economy in the world, are expected to reveal the growth data with the disclosure of the final reading for the fourth quarter Which may reflect the stability of the pace of growth at 2.1% during the past three months at the end of last year.

Technical analysis

The Australian dollar pair versus the US dollar traded significantly lower after achieving our first goal at 0.5958, to break the level of 0.5786 with the opening of trading today, which provides signals on the price trend to resume the main downside trend, on its way to visit the 0.5509 level initially.

Therefore, a bearish bias will be favored for today, noting that a breach of 0.5958 is considered a positive signal for the price to try to return to the bullish corrective path again.

The expected trading range for today is between 0.5600 support and 0.5850 resistance.

Expected trend for today: bearish.