The Australian dollar fell during the Asian session to witness its bounce back for the third session in six sessions from its highest since last March 12 against the US dollar after the disclosure of the minutes of the Australian Central Bank meeting and before the expected talk to the Reserve Bank of Australia Governor Philip Lowe in the Australian Central and on the cusp of developments and data The economic expected today, Tuesday, by the US economy, the largest economy in the world.
At exactly 02:26 am GMT, the Australian dollar pair fell against the US dollar by 0.66% to 0.6294 levels compared to the opening levels at 0.6336, after the pair achieved its lowest level during the trading session at 0.6289, while it achieved the highest at 0.6347.
We have followed on from the Australian economy, the Reserve Bank of Australia revealed the minutes of its last meeting held on the seventh of this month, during which the monetary policymakers of the Australian Central Bank decided to fix interest rates at the lowest ever at 0.25%, which came in line with expectations at the time, Investors are now looking to the Reserve Bank of Australia Governor Philip Lowe’s speech “Economic and Financial Modernization” in Sydney.
On the other hand, investors are currently awaiting the release of the housing market data by the US economy with the release of the existing home sales index, which may indicate a 9.5% decline to 5.27 million homes compared to a 6.5% increase at 5.77 million homes last February, according to the latest figures issued by the World Health Organization, the number of cases infected with the Coronavirus has increased to nearly 2.32 million, and 157,970 people have died in 213 countries.
The Australian dollar versus the US dollar trades bounced lower after approaching the level of 0.6407 yesterday, to start the moving average 50 now, on its way to visit the level of 0.6236, and by looking at the graph, we find that the price draws a double top pattern whose confirmation level is at 0.6265, This means that breaking this level will constitute a negative incentive that pushes the price to exceed the mentioned target and then achieve a further decline during the coming period.
From here, a bearish bias will be favored for today, given that the rally to breach 0.6407 level will stop the expected decline and lead the price to resume the short term bullish wave.
The expected trading range for today is between 0.6200 support and 0.6380 resistance.
Expected trend for today: bearish.
