The Australian dollar fluctuated in a narrow range slipping towards the Asian session to see its seventh session rebound in one of its 10 sessions since Dec. 13 and prepare for its second consecutive weekly loss against the US dollar amid tight economic data Friday. The Australian economy and its economy are the largest economy in the world.
At 02:28 GMT, the Australian dollar was down 0.08% at 0.7088 compared with the opening levels at 0.7094, after hitting the lowest level since January 4 at 0.7076. At 0.7096.
The divergence in comments on the ongoing trade talks between the United States and China, Australia's largest trading partner, casts a shadow over investors' appetite for risk as well as the partial closure of the federal government, the longest in American history amid the Republican Party's insistence on funding Congress to create a border wall between The United States and Mexico Democrats refused to do so.
"We want to point out that US President Donald Trump said on Thursday that the ongoing trade negotiations between his country and China are going very well and whether the result is good for America, adding that Beijing wants to reach a trade agreement from Washington and especially that China is in a bad situation due to customs duties, Adding that the United States could increase tariffs if an agreement is not reached by next month.
White House economic adviser Kevin Hast noted that Washington and Beijing could reach a trade deal by next March, before the 10-day deadline for a 10 percent freeze on customs duties, which was supposed to rise to 25 percent earlier this year. , In order to negotiate between the largest economists in the world with the aim of reaching a trade agreement to avoid a trade war.
Technical Analysis
The AUDUSD extended more negative trading yesterday to settle below 0.7100, bolstering expectations that the bearish trend will continue in the coming period, supported by the SMA 50 which is putting pressure on the price,
With a reminder that our awaited targets start at 0.7060 and then 0.7000.
Stability below 0.7165 is important for the continuation of the suggested bearishness.
The trading range for today is expected among the support at 0.7000 and the resistance at 0.7150
Support and resistance:
Support: 0.7063-0.7000-0.6935
Resistance: 0.7142-0.7222
The general trend for today is bearish