AUD analysis 23.01.2020

The Australian dollar rose during the Asian session to witness its bounce for the second session from the lowest since 11 December last, and to promise to end its longest march of daily losses in six months against the US dollar after the developments and economic data that it followed from the Australian economy and on the cusp of developments and economic data expected Today, Thursday, by the US economy, the largest economy in the world, and in the shadow of the events of the World Economic Forum in Davos, Switzerland.

At exactly 02:38 AM GMT, the Australian dollar pair rose against the US dollar by 0.44% to 0.6844 levels compared to the opening levels at 0.6844, after the pair achieved its highest level during the trading session at 0.6879, while achieving the lowest at 0.6839.

On the Australian economy, we have followed the release of the Melbourne Institute reading of consumer expectations of inflationary pressures, which showed an increase to 4.7% compared to 4.0% in December, and this came before we witnessed the disclosure of labor market data with the release of the unemployment rate, which showed a decline to 5.1% Compared to the previous reading last November and expectations at 5.2%, in conjunction with the reading of the employment change index showed a rise of 28.9 thousand compared to a rise of 38.5 thousand in November, contrary to expectations that indicated a rise of 12.2 thousand.

On the other hand, investors are currently looking for the US economy to publish a reading of the aid requests index for the previous week on January 18, which may reflect an increase of 10 thousand requests to 214 thousand requests in the previous weekly reading, while the reading of the aid requests index may indicate investors for the week The previous month, on the 11th of this month, decreased by 17 thousand requests to 1,750 thousand requests, before we witnessed the disclosure of the reading of the leading indicators, which may show a 0.2% decline against the stability at zero levels in November.

Technical analysis

The Australian dollar versus the US dollar pair starts trading today with an upward slope after approaching the support of the bullish channel that appears in the image, and gets positive signals through the stochastic indicator, which supports the chances of continuing positive trading during the upcoming sessions, pending a visit to the 0.7015 level as the next main station.

Therefore, the positive scenario will remain intraday and short unless the 0.6805 level is broken and stability below it.

The expected trading range for today is between 0.6830 support and 0.6900 resistance.

Expected trend for today: bullish.