AUDUSD 15.04.2020

The Australian dollar fell during the Asian session to witness its bounce for the second session from the top since March 12 against the US dollar, following developments and economic data that it had reported on the Australian economy and on the cusp of developments and economic data expected today Wednesday by the US economy, the largest economy in the world.

At exactly 02:58 am GMT, the Australian dollar pair declined against the US dollar by 0.53% to 0.6408 levels compared to the opening levels at 0.6442, after the pair achieved its lowest level during the trading session at 0.6406, while achieving the highest at 0.6444.

We have followed on from the Australian economy to reveal a reading of the Weissbank consumer confidence index, which indicated the widening decline to 17.7% to a value of 75.6 compared to 3.8% at 91.9 in March, and that comes hours before the disclosure of the Australian labor market data for the past month, which may Reflected an increase to 5.4% compared to 5.1% in February, with the employment change reading showing a loss of 33.0 thousand jobs compared to adding 26.7 thousand jobs.

On the other hand, investors are currently awaiting by the US economy the disclosure of retail sales reading, which represents about half of consumer spending, which represents more than two-thirds of the gross domestic product of the United States, which may reflect the widening decline for the worst ever to 8.0% compared to 0.5% in February February, as the core reading of the same indicator may also show the widest decline for the worst ever to 4.9% compared to 0.4% in February.

This comes in conjunction with the disclosure of industrial sector data for the largest industrial country in the world with the release of the New York Industrial Index reading, which may reflect the widening of the contraction to 35.2 compared to 21.5 in March, before the release of the Industrial Production Index, which may reflect a 4.1% decline compared to It rose 0.6% in February, while an energy utilization rate reading may show a slowdown in the pace of growth to 73.7% compared to 77.0% in February.

Markets are also looking to publish a reading of the wholesale stocks index, which may explain the decline in the decline to 0.4% compared to 0.1% in January, in conjunction with the disclosure of housing market data with the release of the housing index reading by the National Association of Home Builders, which may reflect a decline to 56 versus 72 in February, all the way to the unveiling of the Big Book, which is important because it is published two weeks before the FOMC meeting.

Technical analysis

The Australian dollar versus the US dollar pair is testing the support floor that formed above 0.6407 level after penetration previously, and it needs stability above this level to keep the bullish trend valid for the next period, as breaking it will press the price to test 0.6275 then 0.6236 areas before any new attempt to rise.

SMA 50 continues to support the suggested bullish wave, noting that our next main target is at 0.6685.

The expected trading range for today is between 0.6330 support and 0.6510 resistance.

Expected trend for today: bullish.