AUD analysis 31.05.2019

The Australian dollar fluctuated in a narrowly bullish range during the Asian session to see its fourth session rebound in seven sessions from its lowest since May 17, when it tested its lowest since January 3 against the US dollar following developments and economic data that Followed by the Australian economy and on the eve of economic developments and data expected Friday by the US economy.

At 3:18 am GMT, the AUDUSD rose 0.03% to 0.6914 compared to the opening levels at 0.6912, after reaching a high of 0.6918, while reaching a low of 0.6901.

We have followed the Australian economy to reveal the reading of the private sector credit index, which showed a slowdown of growth to 0.2% compared to the previous March and expectations of 0.3%, and the annual reading of the same index slowing growth to 3.7% compared to 3.9%, worse than Expectations at 3.8%, otherwise we would like to point out, given that the Australian dollar against the US dollar in weekly losses and the second monthly loss, respectively.

On the other hand, investors are currently looking for the US economy to reveal their spending and personal income data, which may reflect a slowdown in personal spending growth to 0.2% from 0.9% in March, and personal income growth accelerated to 0.3% from 0.1% Core personal consumption expenditure rose 0.2% against stability at zero levels.

This comes ahead of the Chicago PMI reading, which may extend to 55.1 versus 52.6 last April, before the final reading of the University of Michigan Consumer Confidence Index, which may reflect a contraction of the widening to 102.0 compared to the initial reading of the month May at 102.4 and 97.2 in April.

(FOMC) and Federal Reserve Bank of New York Chairman John Williams at the event hosted by the Bank of New York Federal Reserve, where he will deliver a speech under the title "Theory and Practice of Monetary Policy and Minimum Interest Rates," hours after the second reading of the output Gross domestic product the world's largest economy 3.1% during the first quarter last.

Technical Analysis

AUDUSD continues to oscillate in a sideways course, noting that Stochastic is currently beginning to cross negatively, posing a negative incentive. We expect to push the pair to resume the main bearish trend, with the next target at 0.6800, while stability below 0.6945 Important to achieve.

The trading range for today is expected among the support at 0.6840 and resistance at 0.6945.

The general trend for today is bearish.