Analysis of the Australian Dollar 17-05-2019

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. On the eve of developments and economic data expected Friday by the US economy, the largest economy the world.   

At 02:21 GMT, the AUDUSD fell 0.10% to 0.6887, compared to the opening levels of 0.6891, after reaching its lowest level in five months at 0.6878, while the highest level was at 0.6896. 

Investors are currently eyeing the US economy for the first reading of the University of Michigan consumer confidence index, which may reflect a widening to 97.8 versus 97.2 last April, as consumers forecast inflation for one year ahead and five years ahead, Which may reflect slowing growth to 0.2% versus 0.4% in March. 

AUDUSD continued to lower and break below 0.6905, consolidating expectations for a short-term downtrend, paving the way towards 0.6800, which is our next major stop.   

Therefore, the bearish trend will remain intact if the price does not push to breached the 0.7044 level and stability above it.   

The trading range for today is expected among the support at 0.6820 and the resistance at 0.6940   

The general trend for today is bearish