AUD analysis 20.05.2019

The Australian dollar fluctuated in a narrowly bearish range against the US dollar during the Asian session after opening this week at a bullish price after Australian Prime Minister Scott Morrison unexpectedly beat the federal election in Australia over the weekend. Monday from economic data for both Australia and the United States.

At 02:33 GMT, the AUDUSD rose 0.20% to 0.6930, compared to the opening levels of 0.6909, after reaching a low of 0.6888, while the highest at 0.6931.

Investors are now looking to talk to Federal Reserve Vice President Richard Clarenda about the Federal Reserve policy strategy, tools and communication practices at the event hosted by the Bank of New York Federal Reserve, and this comes hours before the forthcoming speech of Federal Reserve Governor Jerome Powell at the Markets Conference In Florida under the title "Risk Assessment of Our Financial System".

Technical Analysis

The AUDUSD is showing some slight bullishness after the support of the descending channel appearing in the picture, and the price is positively affected by Stochastic, but the overall bearish trend is still valid for the coming period, supported by the negative pressure formed by SMA 50, It resides at 0.6800.

Keep in mind that a break of 0.6945 will push the price to test the most important resistance at 0.7044 before any new attempt to decline.

The trading range for today is expected among the support at 0.6820 and the resistance at 0.6945.

The general trend for today is bearish.