AUD analysis 24.05.2019

The Australian dollar fluctuated in a tight range slipping towards the Asian session to stabilize near its near-six-month low against the US dollar on the eve of economic developments and data expected Friday by the US economy, the world's largest economy.

At 0235 GMT, the AUDUSD dropped 0.07% to 0.6892, compared to the opening levels of 0.6899, after recording a low of 0.6880 and a high of 0.6904.

Investors are currently waiting for the US economy to release the Durable Goods Orders, which account for almost half of consumer spending, which accounts for more than two-thirds of US GDP, which could reflect a 2.0% decline versus 2.6% in March. The core reading of the same index shows a slowdown in growth to 0.1% versus 0.3% in March.

Technical Analysis

The narrow range continues to dominate AUDUSD trading, which fluctuates around the 0.6900 level, keeping our bearish outlook intact for the coming period, supported by SMA 50, which is negatively impacting the price, noting that our next target is at 0.6800, While stability below 0.6945 is required.

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.