AUDUSD analysis 06.07.2020

The Australian dollar rose during the Asian session to witness its highest since last June 23, when it tested the highest for it since 16 of the same month 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 Monday by the American economy The largest economy in the world.

At exactly 03:57 AM GMT, the New Zealand dollar pair rose against the US dollar 0.49% to 0.6965 levels, which is the highest level for the pair in two weeks and during the trading session compared to the opening levels at 0.6631, while the pair achieved its lowest during the trading session at 0.6925, knowing , That the pair started trading on a falling price gap after it concluded the trading last week at 0.6939 levels.

We followed the Melbourne Institute (MI) revealed the inflation gauge reading, which showed a 0.6% increase compared to a 1.2% decline in May, while the annual reading of the same indicator showed that the growth accelerated to 0.7% compared to 0.1%. This came before we witnessed the release of the employment ads index, which showed an increase of 42.0% compared to a decline of 0.3% in May. Tomorrow, the markets are looking for the decisions and directions of monetary policy makers at the Reserve Bank of Australia, and the Australian Central Bank revealed the interest rate statement amid expectations of stabilizing interest at the lowest level ever at 0.25%.

On the other hand, investors are awaiting the release of the Markit Institute for Service Supply Index by Markit for the United States, which may reflect a contraction contraction of 47.0 compared to 46.7 in the previous reading of last month and compared to contraction at 37.5 in May, before revealing The reading of the Institute for Service Supply index whose importance lies in the fact that the service sector represents more than two-thirds of the gross domestic product of the United States, which may show a widening to 50.0 compared to a contraction at 45.4 in May.

Technical analysis

The Australian dollar versus the US dollar is providing positive trades to gradually move away from the breached symmetrical triangle, which supports the continuation of our expectations for the bullish trend, which gets good support from the EMA50, and the path is open to achieving our main awaited target at 0.7064.

On the other hand, it should be noted that a break of 0.6860 will put the price under negative pressure to head towards testing the 0.6700 level before any new attempt to rise.

The expected trading range for today is between 0.6900 support and 0.7040 resistance.

Expected trend for today: bullish.