AUD Analysis 01.05-.2019

The Australian dollar rose in Asian trading session to return to its lowest level since January 3 against the US dollar following economic data from the Australian economy and on the eve of developments and economic data expected Wednesday by the US economy, the largest economy in the world.

At 2:18 am GMT, the AUDUSD rose 0.10% to 0.7051, compared to the opening levels of 0.7043, after recording a high of 0.7055 and a low of 0.7035.

US investors are eyeing the release of preliminary data for the labor market, with the reading of the Change in Private Sector Index, which may reflect the acceleration of job creation to 181,000 jobs, up from 129,000 in March. The monthly report of non-agricultural jobs and unemployment rates in addition to the average income per hour for the last month.

The markets are also looking for the final reading of Markit Industrial PMI by the United States, which may reflect the stability of the expansion at 52.4, unchanged from the previous reading of the previous month and the previous reading for March, before the disclosure of the index of the Institute of Industrial Supplies and The contraction may extend to 55.0 versus 55.3 in March.

To the decisions and directions expected by the Federal Open Market Committee after the expiration of its meeting which began yesterday and ends at 6:00 pm GMT amid expectations that monetary policy makers will keep the Federal Reserve rates on short-term reference rates between 2.25% and 2. 50% and work to reduce the reduction of bond buybacks before freezing them by September.

It is also expected to see after the expiration of the Federal Committee meeting and the disclosure of the monetary policy statement and the Committee's decision on the federal funds interest by about half an hour The events of the press conference of the Governor of the Federal Reserve Jerome Powell, who noted earlier that the Committee will be patient about raising interest rates in the coming period And that it would closely watch the economic developments of the world's largest economy and be affected by external challenges.

Technical Analysis

The AUDUSD is showing more volatility around the 0.7044 level, and the pair is still trading between 0.7135 and 0.7135, which keeps us neutral so far, noting that the price needs to break through one of these levels to define its next targets more clearly.

We note that breaking this support will press the price to resume the bearish wave targeting 0.6800 as the next major station, while breaching the resistance will lead the price to gain gains of 0.7250 in the near term.

The trading range for today is among the key support at 0.6980 and resistance at 0.7120

The expected general trend for today: neutral