AUDUSD Analysis 06.12.2018

The Australian dollar fell during the Asian session to see its rebound for the fourth consecutive session of its highest since August 9 against the US dollar following developments and economic data that followed the Australian economy and on the eve of developments and economic data expected Thursday by the US economy, the largest economy in the world.

At 03:30 GMT, the AUDUSD fell 0.65% to 0.7221 compared to the opening levels of 0.7268, after hitting its lowest since November 27 at 0.7220, Trading session at 0.7274.

We have followed the Australian economy reading the trade balance index, which showed that the surplus shrank to 2.32 billion Australian dollars against A $ 2.94 billion in September, contrary to expectations that the surplus increased to 3.10 billion Australian dollars, The Retail Sales Index accelerated growth to 0.3% in line with expectations versus 0.1% in September.

Otherwise, markets are looking forward to the talk of Assistant Governor of Australia's Reserve Bank for Financial Markets, Debbie, entitled "Lessons and Questions from the Global Financial Crisis" at the Australian Economists' Annual Dinner in Sydney, hours after the Reserve Bank of Australia Short term at 1.50% for the 26th consecutive meeting.

On the other hand, Federal Open Market Committee member Randall Quarles followed the opening remarks at the Stanford University Economic Seminar in California, as investors awaited the release of US labor market data as the private sector employment index To about 195 thousand added jobs compared to 227 thousand jobs added last October.

This comes before the final reading of the productivity index and the cost of one work, which may show accelerated productivity growth to 2.3% compared to 2.2% in the previous preliminary reading of the third quarter, compared to 0.9% growth in the second quarter and slowing the cost growth to 1.1% compared to 1.2% , In conjunction with the release of the trade balance index which may show a widening deficit to $ 55.2 billion versus $ 54.0 billion in September,

This comes in conjunction with the reading of the index of claims for the week ending in early December, which may reflect a decrease of 8 thousand requests to 226 thousand applications in the previous weekly reading, as may appear reading the index of continuing claims for the week of November 24 Last November down 15K to 1,695K versus 1,710K last week.

Leading to the final reading of the index of the Institute of Supply Services by Markit from the United States, which may reflect the stability of the breadth at 54.4 compared to 54.8 in October, before the disclosure of the index of the Institute of Supply Service, which may also show a contraction of the breadth to 59.1 compared to 60.3 in October October, and we would like to point out that service delivery is important in that the service sector in America represents more than two thirds of GDP, which is expected to drop 1.9% from September's + 0.7%, before Federal Reserve Chairman and Federal Reserve Chairman Rafael Postk talks about the domestic economy in Georgia's economic forecast series in Atlanta, Look for any hints about the future tightening of monetary policy by monetary policy makers in the Federal Reserve.

Technical analysis:

The AUDUSD traded with a strong negative to break the 0.7277 level and settle below it, and today it starts with a further strong decline to break the support of the corrective correction channel indicating that the pair has returned to the main bearish trend and stopped the bullish correction recently started by the price.

The price is trading below the moving averages of 20-7 while the SMA 50 supports the price at 0.7180.

Stochastic is giving bearish signals as it is steadily heading towards the oversold area.

Therefore, the bearish trend will be likely in the coming sessions, starting with the negative targets at 0.7080 and extending to 0.7020, noting that the continuation of the expected decline depends on stability below 0.7277.

The trading range for today is among the key support at 0.7140 and resistance at 0.7277.

Support and resistance:

Support 0.7235-0.7181;

Resistance: 0.7276-0.7367-0.7441.

The general trend for today is bearish.