AUDUSD Analysis 08.01.2019

The Australian dollar fluctuated in a tight range slipping towards the Asian session to see a rebound after a three-session rally from its lowest since March 18, 2009 against the US dollar following developments and economic data that followed on the Australian economy and on the brink of economic developments and data Which is expected Tuesday by the US economy, the world's largest economy.

At 04:47 am GMT, the AUDUSD dropped 0.27% to 0.7120 compared with the opening levels of 0.7146 after the pair reached a high of 0.7146,

We followed the Australian economy to reveal the reading of the trade balance, which recorded a deficit of 1.930 billion, less than expectations of the previous reading was 2.316 billion

On the other hand, the markets are looking to the US economy to reveal the reading of the US trade balance, which is likely to improve the trade deficit and comes up by $ 54.00 billion compared to -5.50 for the previous readers

We are also looking for job opportunities, which are likely to rise by 7.170 million versus 7.079 millimeters from the previous reading. Otherwise, investors are eyeing the outcome of the trade talks between Washington and Beijing, which are being completed today in China.

Technical Analysis

The AUDUSD was unable to break above the previously broken neckline of the head and shoulders pattern shown in the image, and is beginning to reverse again, accompanied by the emergence of a clear saturation in the stochastic, which makes us likely to see further declines in the coming sessions.

The first negative objective is to test the 0.7020 level, noting that a break of 0.7145 will halt the suggested bearishness and lead the price to achieve further gains.

The trading range for today is expected among the support at 0.7040 and the resistance at 0.7200

The general trend for today is bearish