The Australian dollar rose during the Asian session to witness its bounce to the second session from the lowest since April 9 against the US dollar after the developments and economic data that it had reported on the Australian economy and on the cusp of developments and economic data expected today Wednesday by the US economy, the largest economy in the world.
At 02:35 am GMT, the Australian dollar pair rose against the US dollar by 0.57% to 0.6316 levels compared to the opening levels at 0.6280, after the pair achieved its highest level during the trading session at 0.6351, while achieving the lowest at 0.6277.
We have followed the Australian economy to reveal the reading of the leading indicators, which showed a decline of 0.4% compared to a rise of 0.3% last February, and this came before we witnessed the release of the leading indicators reading by the Melbourne Institute, which indicated the widening of the decline to 0.8% compared to 0.4% in February, to reveal the initial reading of the retail sales index, which reflected an acceleration of growth to 8.2%, compared to 0.4% in February.
On the other hand, investors are currently awaiting by the US economy the release of the House Price Index reading, which may explain the acceleration of growth to 0.4% compared to 0.3% last January, and this comes hours after the Senate announced the agreement of the two poles of American policy the ruling Republican Party The Democratic Party has a program to support small businesses in the face of the consequences of the outbreak of the Coronavirus, worth $ 484 billion.
It is reported that US President Trump recently announced his administration’s plan to gradually restart and operate the American economy, indicating that the global medical crisis may subside later, while its economic consequences remain, and according to the latest figures issued by the World Health Organization, the number of cases infected with Coronavirus has increased to More than 2.4 million people were killed, 163,097 people in 213 countries.
The Australian dollar versus the US dollar pair opens with a noticeable rise to try to exceed the EMA50, but it remains below it now, to keep the negative scenario effective for the coming period, waiting for the break of the 0.6236 level to confirm the extension of the descending wave towards 0.6097.
On the other hand, it should be noted that a break of 0.6407 will stop the expected decline and lead the price to resume the bullish trend in the short term.
The expected trading range for today is between 0.6200 support and 0.6380 resistance.
Expected trend for today: bearish. Earn from zod forex trading signal and analysis
