Analysis of the Australian Dollar 14-05-2019

The Australian dollar fluctuated in a narrowly bullish range during the Asian session to bounce back from its lowest level since January 3, when it tested its lowest since March 19, 2009 against the US dollar following the economic developments and data that followed it. Australian economy is on the brink of economic developments and data expected Tuesday by the US economy, the largest economy in the world.   

At 02:26 am GMT, the AUDUSD rose 0.16% to 0.6955 compared to the opening levels of 0.6944, after reaching a high of 0.6959, while its lowest level in five months at 0.6940.   

We followed the Australian economy by reading the Australian National Bank of Business Confidence, which showed stability at zero levels against a contraction of 1 in March, while the same indicator of current conditions showed a contraction of 3 to 7, Later this week to reveal Australian labor market data and what the Australian parliamentary election will result next Saturday. 

On the other hand, investors are looking forward to the talk of Federal Reserve Bank of New York Chairman and Federal Open Market Committee member John Williams, who is expected to take part in a panel discussion entitled "The Past - Lessons from an Advanced International Monetary System" at the Swiss National Bank Conference And the International Monetary Fund in Zurich.   

This comes before we see the US economy reading the import price index, which may reflect the acceleration of growth to 0.7% compared to 0.6% in March, while the annual reading of the same index may show a rise of 0.3% against stability at zero levels, before we see the talk Expected to head the Kansas City Federal Reserve, St George, about the economy at the economic club in Minneapolis, Minnesota. 

AUDUSD resumed its negative trading near the target of 0.6905, and we expect the bearish wave to continue within the descending channels appearing in the image, with the next target reaching 0.6800.   

Therefore, the bearish bias will remain dominant during the coming sessions unless the price is able to breach the 0.7044 level and stabilize above it.   

The trading range for today is expected among the support at 0.6870 and the resistance at 0.7000   

The general trend for today is bearish