AUDUSD Analysis 08.02.2019

The Australian dollar fell during the Asian session to rebound to the fifth session in seven sessions of its highest since December 5 and prepare for the first weekly loss in three weeks and the weakest weekly performance since mid-November of 2016 against the US dollar after the disclosure The Bank of Australia's monetary policy statement at the end of the week and the talk of St. Louis Federal Reserve Chairman and Federal Open Market Committee member James Pollard on monetary policy.

At 02:39 GMT, the New Zealand dollar slipped 0.45% to 0.7069 from the opening levels of 0.7101, after reaching its lowest level since January 4th at 0.7061, while its highest in trading Session at 0.7105.

We followed the release of the Reserve Bank of Australia's monetary policy statement hours after Australian Central Bank Governor Philip Lowe and the central bank's monetary policy makers kept the benchmark interest rate at 1.50% for the 28th consecutive meeting, Then.

On Wednesday, Governor of the Reserve Bank of Australia (BOE) Louis said that the outlook for the interest rate was broadly balanced, It was a scenario that the next step up is likely on the scenario that the next step will be reduced, and today the odds are moderately balanced. "

If the Australian labor market saw more strength and tightening, it could increase interest rates, while any weakness in the labor market would prompt the Reserve Bank of Australia to re-evaluate the situation, which significantly weighed on the performance of the Australian dollar this week to be the worst performer Weekly in more than two years against his US dollar.

Technical Analysis

The AUDUSD extended negative trading yesterday to move towards our negative target of 0.7000, so that the bearishness remains intact over the intraday basis supported by the move below SMA 50, noting that the above-mentioned level will push the price towards 0.6930 as a next stop, while Stability below 0.7170 is a prerequisite for continued bearishness.

The trading range for today is expected among the support at 0.7000 and the resistance at 0.7120

The general trend for today is bearish