AUD analysis 22.05.2019

The Australian dollar fluctuated in a tight range slipping towards the US dollar during the Asian session following the economic developments and data followed Wednesday by the Australian economy and on the eve of developments and economic data expected Wednesday by the US economy, the largest economy in the world, Federal Open Market.

There was little change in the Australian Dollar as it opened the day at 0.6879 after recording a low of 0.6870 and a high of 0.6886.

Investors are now waiting for Federal Open Market Committee Chairman James Pollard to speak about the outlook for the US economy and monetary policy at the Hong Kong Correspondents Club, and the speech of New York Bank President John Williams at a press conference on home ownership In the United States in New York.

This comes hours before the minutes of the Federal Committee meeting held at the end of April and early May, during which monetary policy makers at the Federal Reserve agreed to keep rates between 2.25% and 2.50% for the third consecutive meeting To move forward with a reduction in bond buybacks before they are frozen by September and a policy of patience.

Technical Analysis

The AUDUSD is trading below the 0.6900 barrier, and the SMA 50 continues to push the price lower, awaiting further declines in the coming sessions, and we believe that the path is open to achieving our next target at 0.6800.

Keep in mind that a break of 0.6945 would lead the price to instantaneous gains and test areas of 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.