Analysis of the Australian Dollar 15.05.2019

The Australian dollar fell during the Asian session to 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 on the Australian economy and on the eve of developments and economic data expected On Wednesday by the US economy, the world's largest economy.   

At 0234 GMT, the AUDUSD fell 0.26% to 0.6926 compared to the opening levels of 0.6944, after hitting a 5-month low of 0.6922, while the highest level at 0.6448.   

We followed the Australian economy to reveal the WISPAC Consumer Confidence Index, which expanded to 101.3 versus 100.7 in April, before we saw a reading of the Wage Price Index, which showed a steady growth at 0.5%, unchanged from what it was In the fourth quarter, in contrast to expectations that accelerated growth to 0.6%, and explained the annual reading of the index stabilizing growth at 2.3% in line with expectations.   

On the other hand, investors are currently waiting for the US economy to reveal the reading of retail sales, which account for about half of consumer spending, which accounts for more than two-thirds of US GDP, which could reflect slowing growth to 0.2% from 1.6% in March. The core reading of the index itself may show a slowdown in growth to 0.7% from 1.2% in March. 

This comes in conjunction with the release of the New York Industrial Index, which may reflect the contraction of the breadth to 8.2 against 10.1 last April, and before we also see the largest industrial country in the world published the Industrial Production Index, which may show stability at zero levels Up from 0.1% in March, while the Energy Use Index may show slowing growth to 78.7% from 78.8% in March.   

To Federal Reserve Vice Governor Randall Quarles' testimony to the Senate Banking Committee's oversight and regulation before we see the housing index reading by the National Association of Home Builders, which may reflect a widening to 64 versus 63 in April, The reading of wholesale inventories, which may show stability at zero levels, versus 0.3% in February. 

The AUDUSD is trading in a quiet negative range, gradually approaching our first target at 0.6905, and the price within the descending channels appearing in the picture continues to support the chances of the downside wave extending to 0.6800 as the next major target.   

Therefore, the bearish bias will remain dominant during the coming sessions, provided that the price remains stable below 0.7044.   

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