Analysis of the Australian Dollar  29-05-2019

The Australian dollar fluctuated in a narrow 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 Wednesday by the US economy, the world's largest economy

At 0235 GMT, the AUDUSD fell 0.04% to the levels of 0.6917 compared to the opening levels of 0.6921, after reaching the highest level at 0.6931 while the lowest level at 0.6915.

Investors in the US economy are eyeing the release of the Chicago Purchasing Managers Index, which may reflect a 6 to 3 gain in April, just hours before the second reading of Q1 GDP, which may reflect the largest economy in the world. The world's 3.1% compared to the previous preliminary reading which indicated growth of 3.2% during the last quarter quarter.

Technical Analysis

The AUDUSD continues to fluctuate in a tight run around 0.6920, noting that Stochastic is close to providing a negative cross signal over the daily time frame, awaiting the pair to stimulate the resumption of the main bearish trend, with the next target at 0.6800.

SMA 50 continues to support the expected bearish wave, noting that stability below 0.6945 represents the first condition for the continuation of the suggested decline.

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