AUDUSD analysis 15.07.2020

The Australian dollar rose during the Asian session to witness its highest since June 10, when it was tested the highest since July 19, 2019, against the US dollar after the developments and economic data that were reported by the Australian economy and on the cusp of developments and economic data expected today Wednesday by the economy The American is the largest economy in the world.

At 02:26 am GMT, the Australian dollar pair rose against the US dollar, 0.40% to 0.7003 levels, compared to the opening levels at 0.6975, after the pair achieved its highest level in five weeks at 0.7018, while the pair achieved the lowest at 0.6971.

We have followed up on the Australian economy to reveal a reading of the Weissbank consumer confidence index, which showed a 6.1% decline to 93.7 compared to a rise of 6.3% at 88.1 last June, and that comes hours before the disclosure tomorrow Thursday of the Australian labor market data for the past month and expectations Consumers of inflation for this month with the release of unemployment rates and change in employment in addition to the Melbourne Institute's reading of consumer expectations of inflation.

On the other hand, investors are currently awaiting by the US economy the release of the import price index, which may clarify the stability of growth at 1.0%, with little change from the previous reading last May, and 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 Manufacturing Index reading, which may reflect a 10.0% expansion versus a contraction at 0.2 in June.

Up to the issuance of the industrial production index, which may reflect the acceleration of growth to 4.5% compared to 1.4% in May, as a reading of the Energy Utilization Index may show the acceleration of growth to 67.9% compared to 64.8% in May, before we witness the talk of the committee member Federal Open Market and Federal Reserve Chairman Patrick Harker about economic prospects in a hypothetical discussion hosted by the City Center Owners Association.

This comes before we witnessed the unveiling of the book Beige, whose importance lies in the fact that it is issued two weeks before the meeting of the Federal Open Market Committee. Kong and that he also signed an executive order ending Hong Kong's special status with the United States.

Technical analysis

The Australian dollar against the US dollar pair opens the trading today with a noticeable positive to begin attempts to breach the 0.7000 barrier, which supports the continuation of the expected upside scenario in the intraday and short term, which targets the level of 0.7064 as the next main station.

Therefore, the bullish trend will remain favorable during the upcoming sessions unless the 0.6890 level is broken and stability is below it.

The expected trading range for today is between 0.6930 support and 0.7064 resistance.

Expected trend for today: bullish.