AUDUSD analysis 30.03.2020

The Australian dollar fell during the Asian session to witness its bounce for the second session from its highest since March 16 against the US dollar amid the scarcity of economic data by the Australian economy at the beginning of this week and in the wake of US President Donald Trump extending social restrictions in America until the end of next month due to Corona virus is on the cusp of developments and economic data expected on Monday by the US economy.

At exactly 02:14 AM GMT, the Australian dollar pair declined against the US dollar by 0.39% to 0.6138 levels compared to the opening levels at 0.6162, after the pair achieved its lowest level during the trading session at 0.6114, while achieving the highest at 0.6193, knowing The pair started the trading session on a falling price gap after it concluded the trading last week at 0.6168 levels.

Yesterday, we followed up, Australian Prime Minister Scott Morrison expressed that the gatherings should not exceed two and that Australians should not go out except for necessity, while also warning of the exit of those over the age of 70 years, saying that "they should isolate themselves for fear of contracting the emerging virus", with She told him that the rate of spread of the virus has decreased in his country, but that "the rates of increase are still strong, no doubt about that." This came hours after he indicated last Friday that his government was preparing for a third batch of economic support.

On the other hand, we also followed a short while ago that US President Donald Trump extended the guidelines for social restrictions in the United States until next April 30, as he mentioned that the peak number of deaths due to respiratory diseases may be two weeks away, and it is reported that Trump may He had previously spoken of reopening the US economy by Easter, but the recent widespread expansion of the coronavirus in America prompted him to extend social restrictions.

Otherwise, investors are currently watching the US economy by revealing housing market data with the release of existing home sales, which may show a 1.8% decline compared to a 5.2% increase in January. It is reported that the US House of Representatives voted last Friday unanimously in favor of passing a package A stimulus of $ 2 trillion to support the largest economy in the world and American families and companies in the face of the consequences of the Corona virus.

We would like to note that the Director-General of the World Health Organization, Tidros Adhanum Gebresus, noted last Wednesday the importance of taking precautionary measures such as preventing gatherings, traveling and tracking and monitoring infected cases, in addition to protecting medical and health personnel, especially in poor countries where the virus is easy to spread, and according to the latest figures issued by the organization The number of HIV-positive cases has increased to more than 638,000, and 30,105 people have died in 202 countries.

Technical analysis

The Australian dollar versus the US dollar continued its positive trading to breach 0.6097 and settle above it, while today begins with a slight decrease to approach the testing ground that formed at the mentioned level, awaiting the resumption of the bullish tendency to visit the 0.6236 level which represents our next positive target.

Thus, we will continue to favor the bullish trend for the upcoming period, regularly within the bullish channel that appears in the picture, noting that the continuation of the bullish wave requires stability above 0.6097 and the most important above 0.5958.

The expected trading range for today is between 0.6060 support and 0.6236 resistance

Expected trend for today: bullish