Analysis of the Australian Dollar 08-05-2019

The Australian dollar fluctuated in a narrowly bullish range during the Asian session to see its rebound for a third straight session since January 3 against the US dollar following the decisions and directions of monetary policy makers at the Reserve Bank of Australia on Tuesday and on the eve of a recent deputy governor Federal Reserve Board member and member of the Federal Open Market Committee of Elle Bernhard in Richmond.

At 02:46 GMT, the AUDUSD rose 0.13% to 0.7020 compared to the opening levels at 0.7010, after reaching a high of 0.7026, while the lowest at 0.6998.

Technical Analysis

AUDUSD is trading below 0.7044 after yesterday's test, keeping our bearish and intraday bearish outlook, which is supported by SMA 50, awaiting a move towards 0.6905 as the next major station.

Keep in mind that a break above 0.7044 and stability above it will push the pair to gains starting at 0.7110 and extending to 0.7250.

The trading range for today is expected among the support at 0.6950 and the resistance at 0.7044

The general trend for today is bearish