AUD analysis 28.05.2019

The Australian dollar fluctuated in a narrowly bullish range during the Asian session against the US dollar amid a lack of economic data by the Australian economy earlier this week and on the eve of developments and economic data expected Tuesday by the US economy, the largest economy in the world and following the absence of the US market yesterday because of Memorial day holiday in the United States.

At 0235 GMT, the AUDUSD rose 0.03% to 0.6920 compared to the opening levels of 0.6918, after reaching a high of 0.6926, while reaching a low of 0.6916.

Investors are eyeing the US economy to release housing data with the Home Price Index reading, which may reflect slowing growth to 0.2% vs. 0.3%, and the S & P House Price Index, which may show growth accelerating to 3.1% versus 3.0% Last February, leading to the Consumer Confidence reading, which may reflect a widening to 130.1 vs. 129.2 in April.

Technical Analysis

The AUDUSD is showing more narrow range trades, accompanied by the stochastic loss of positive momentum, while SMA 50 continues to press the pair negatively.

Therefore, the bearish trend will remain in the coming sessions unless the level of 0.6945 is breached and stability above it, noting that our next main target extends to 0.6800.

The trading range for today is expected among the support at 0.6840 and resistance at 0.6960.

The general trend for today is bearish.