AUDUSD analysis 14.04.2020

The Australian dollar rose during the Asian session to witness its bounce back to the fourteenth session in nineteen sessions from the lowest since October 21, 2002 against the US dollar after the developments and economic data that it had reported on the Australian economy and on the cusp of developments and economic data expected today Tuesday by the American economy The largest economy in the world.

At exactly 02:27 am GMT, the Australian dollar pair rose against the US dollar by 0.63% to 0.6422 levels compared to the opening levels at 0.6382, after the pair achieved its highest level since March 12 at 0.6432, while achieving the lowest during trading The session is at 0.6376.

On the Australian economy, we have followed the disclosure of the Australian National Bank’s business confidence index reading, which showed that the deflation widened to 66 versus 2 in the previous reading last February, while the same indicator of confidence in the current conditions showed a contraction of 21 versus stability At zero levels in the previous reading for February.

On the other hand, investors are currently awaiting by the US economy the release of the import price index, which may explain the widening decline to 3.1% compared to 0.5% in the previous reading in February, as the annual reading of the import price index may show a widening decline to 4.6% compared to 1.2 % In the previous annual reading for February.

Other than that, the markets are now looking by the Chinese economy, Asia’s largest economy, Australia’s largest trading partner and the second largest economy in the world after the United States, to reveal a reading of the Trade Balance Index, which shows a surplus of 175 billion yuan, or $ 19.7 billion, against a deficit of its value 43 billion yuan, or $ 7.1 billion, last February, with expectations for a decrease in exports and a rise in imports during the past month.

Technical analysis

The Australian dollar versus the US dollar succeeded in touching our extended target 0.6407, and it is breaching it now, paving the way for more gains in the short term, as we tend to head towards the previously recorded top at 0.6685 as the next main station.

Therefore, the bullish trend will remain dominant during the upcoming sessions, supported by SMA 50, which continues to carry the price from below, noting that a break of 0.6407 will stop the current rise and put the price under negative pressure targeting testing 0.6236 areas before any new attempt to rise.

The expected trading range for today is between 0.6350 support and 0.6550 resistance

Expected trend for today: bullish.