AUDUSD analysis 25.08.2020

The Australian dollar rose against most of the major currencies during trading today, Tuesday, in light of the continuing optimism in the markets regarding vaccines and treatments for the "Corona" virus, despite the continuing high number of infections and deaths.

This comes after the US Food and Drug Agency announced the approval of recovered blood plasma as a treatment method for "Corona" virus.

Australia is one of the countries facing the specter of a second wave of the Corona virus, as the government imposed closures and isolation restrictions on some states, including "Victoria", after the virus spread at a rapid rate.

According to Johns Hopkins University statistics, the number of people infected with the Coronavirus worldwide has reached about 23.7 million cases, while more than 814,000 have died.

Market attention will turn this week towards the "Jackson Hole" meetings, which witness a meeting and discussions between bankers and economists to talk about developments in monetary policies and financial measures to confront Corona.

In terms of trading, the Australian dollar rose against its US counterpart by 03:32 GMT, by 0.2% to 0.7176, and the Australian currency recorded its highest price today at 0.7182, while the lowest price was recorded at 0.7155.

Technical analysis

The Australian dollar against the US dollar stabilizes below the broken support of the bullish intraday channel, and the moving average 50 forms continuous negative pressure against the price, which keeps the bearish trend scenario valid for the upcoming period, whose next main target is at 0.7065, while stability below 0.7243 represents an important condition. To achieve.

The expected trading range for today is between 0.7100 support and 0.7200 resistance.

The expected general trend for today: Bearish.