AUDUSD Analysis 06.02.2019

The Australian dollar fell during the Asian session to see its rebound for the third session in five sessions of its highest since December 5 against the US dollar after Governor of Australia Reserve Bank Philip Louis in Sydney and the State of the Union address to President Donald Trump in Washington on the eve of developments And economic data expected Wednesday by the US economy, the largest economy in the world.

At 02:32 GMT, the AUDUSD fell 0.87% to 0.7171 compared to the opening levels at 0.7235, after reaching a low of 0.7166, while reaching a high of 0.7246.

Australian Central Bank Governor Philippe Lowe told the National Press Club that interest rate expectations are broadly balanced, as they were priced in the markets as cautious comments from the Reserve Bank of Australia. "Over the past year, The next step up is likely on the scenario that the next step will be reduced, and today the odds are moderately balanced. "

He noted that if the labor market saw more strength and tightening, interest rates could rise, while any weakness in the labor market would hurt the Reserve Bank of Australia to reassess the situation. This came hours after the central bank's monetary policymakers decided to set interest rates for the 28th meeting Respectively at 1.50% and the release of the Bank of Australia's Interest Rate Statement on Tuesday.

On the other hand, we followed US President George Bush's State of the Union address, which rekindled concerns about a new partial closure of the Federal Government. The markets are looking forward to the initial reading of a single labor cost index for the fourth quarter, To 1.7% from 0.9% in the third quarter.

The markets are also closely approaching the preliminary reading of US non-farm productivity, which may show growth slowing to 1.7% versus 2.3% in the third quarter, in conjunction with the November trade balance reading, which may indicate a contraction of the deficit to 54.0 $ Billion against $ 55.5 billion last October.

In another context, we are expected to see early Thursday the talk of Federal Reserve Federal Reserve Federal Reserve Committee Chairman Randall Quarles about the stress test for banks at the Council for Economic Education in New York, an hour before Federal Reserve Governor Jerome Powell at a meeting Hall The Virtual City of Teachers Nationwide in Washington.

Technical Analysis

The AUDUSD opened today's trading session with strong negativity to complete the formation of a double top pattern showing its image features, which reinforces the bearish scenario over the short and short term, noting that a break of 0.7150 will push the price towards 0.7075 as the next major station.

From here, the bearish bias will be likely in the coming sessions unless the 0.7210 level is breached and stability above it.

The trading range for today is expected among the support at 0.7075 and the resistance at 0.7200

The general trend for today is bearish