AUDUSD analysis 27.07.2020

The Australian dollar rose during the Asian session against the US dollar after the assistant governor of the Reserve Bank of Australia confirmed about financial markets Christopher that negative interest rates will not be beneficial in the current circumstances and that the new monetary policy measures will come at costs, on the cusp of developments and economic data expected on Monday by the economy The American is the largest economy in the world.

At exactly 02:41 am GMT, the Australian dollar pair rose against the US dollar 0.52% to 0.7130 levels compared to the opening levels at 0.7093, after the pair achieved its highest level during the trading session at 0.7131, while the pair achieved its lowest at 0.7087, knowing The pair started the trading session on a falling price gap after it concluded the trading last week at 0.7105 levels.

Investors are currently awaiting the US economy to disclose the reading of the durable goods orders index, which represents about half of consumer spending, which represents more than two-thirds of the gross domestic product in the United States, which may reflect a slowdown in growth to 7.0% compared to 15.7% last May. A substantial reading of the same indicator may also show a slowdown in growth to 3.5%, compared to 3.7% in May.

Technical analysis

The Australian dollar versus the US dollar pair resumed its positive trades after testing the support of the main bullish channel, and by looking carefully at the chart, we find that the price has completed forming a bullish continuation flag pattern, to get a good positive incentive that supports the expectations of visiting the 0.7200 level as the next station.

Therefore, the bullish trend will remain valid and active for the upcoming period, noting that the continuation of the bullish wave requires stability above 0.7065.

The expected trading range for today is between 0.7080 support and 0.7200 resistance.

Expected trend for today: bullish.