Australian Dollar Analysis 26-06-2020

The Australian dollar fluctuated in a narrow range tilted towards the decline during the Asian session, while it is still in the process of the first weekly gains in three weeks against the US dollar amid the scarcity of economic data in the last sessions of the week by the Australian economy and on the cusp of developments and economic data expected on Friday by the largest American economy Economy of the world.
 
At exactly 02:34 AM GMT, the Australian dollar versus the US dollar fell 0.07% to 0.6882 levels compared to the opening levels at 0.6887, after the pair achieved its lowest level during the trading session at 0.6862, while the pair achieved its highest at 0.6895.
 
Investors are currently awaiting by the US economy the disclosure of personal spending and income data, which may reflect a rise in personal spending 8.9% compared to a decline of 13.6% last April, while we may witness a decline in personal income to 6.0% compared to a rise in 10.5% in April, While a reading of the core personal consumption expenditures price index may show stability at zero levels versus a 0.4% decline in April.
 
Up to the disclosure of the final reading of the University of Michigan index of consumer confidence, which may show a widening of 79.1 compared to a widening of 78.9 in the first preliminary reading of the current month and a widening of 72.3 last May, with the release of consumer expectations for inflation June for one year and five years.

Technical analysis

  
The Australian dollar versus the US dollar continues to fluctuate around the EMA50 and stands below it, noting that the stochastic indicator is losing its positive momentum to reach the overbought areas, which supports the chances of resuming the expected bearish direction for the coming period, which targets the 0.6700 level as the next main station.
 
Thus, we will continue to favor the bearish trend provided stability below 0.6900, as breaching this level is considered an important positive key that will lead the price to try to restore the main bullish trend and head towards 0.7064 areas initially.
 
The expected trading range for today is between 0.6800 support and 0.6950 resistance
 
Expected trend for today: bearish