AUDUSD analysis 22.06.2020

The Australian dollar rose during the Asian session to witness its rebound from the lowest since June 15, when it tested the lowest since the second of this month against the US dollar after the developments and economic data that it had reported on the Australian economy, which included the speech of the Governor of the Federal Reserve Bank of Australia Philip Lowe and Ali The expected economic developments and data on Monday by the US economy, the largest economy in the world.

At exactly 02:59 AM GMT, the Australian dollar pair rose against the US dollar by 0.56% to 0.6852 levels compared to the opening levels at 0.6814, after the pair achieved its highest level during the trading session at 0.6854, while the pair achieved its lowest at 0.6805, with Knowing that the pair eased the trading session on a falling price gap after it concluded the trading last week at 0.6835 levels.

We have followed Australian Central Bank Governor Philip Lowe during his participation in a panel discussion about the Corona virus and global economy at the National Leadership Forum at the University of Crawford Australian, it is not surprising to see the Australian dollar where it is and that he wants to see it less, while telling him that it is likely to be Interest rates are at their current low levels for years, whatever the policy framework, amid its discussion that there is no point in having an unemployment goal like inflation, explaining that the job market is more complicated than the unemployment rate.

On the other hand, investors are currently awaiting by the US economy the release of the Chicago Business Index reading for the month of May, before the housing market data was also revealed for the past month with the release of the Existing Home Sales Index, which may reflect a 2.3% decline to about 4.15 million homes Against a decline of 17.8% at about 4.33 million homes in the previous reading last April.

Other than that, the World Health Organization announced on Sunday the largest increase in the number of coronavirus infections in one day, as the number of new cases reached 183 thousand cases infected with Corona virus in the previous 24 hours, with Brazil recording 54,771 cases and a difference of 18,154 cases from the United States Which came second from the recent number of new infections by 36,617 cases.

India recorded more than 15.4 thousand new cases infected with coronavirus in one day, and health experts requested that increase in the number of new cases infected with coronavirus because it could be due to several factors including that more tests were done as well as a wider spread of infection, according to the latest figures issued by the organization, the number of cases infected with the Coronavirus rose to nearly 8.71 million, and 461,715 people were killed in 216 countries.

Technical analysis

The Australian dollar versus the US dollar made negative trades in the previous sessions to settle below the EMA50, awaiting further decline to visit the 0.6700 level which represents our next negative target, relying on the recent break to support the bullish channel that appears in the picture.

On the other hand, it should be noted that breaching 0.6910 then 0.6940 levels will stop the suggested negative scenario and lead the price to restore the main bullish trend again.

The expected trading range for today is between 0.6780 support and 0.6910 resistance.

Expected trend for today: bearish.