AUD analysis 05.07.2019

The Australian dollar fell during the Asian session to see its rebound for the 11th session in 13 sessions of its lowest since January 3 against the US dollar.

At 02:22 GMT, the Australian dollar fell 0.03% to 0.7017, compared with the opening levels at 0.7020, after hitting its highest since May 7 at 0.7028, Trading session at 0.7013.

Investors are currently looking for the US economy to reveal last month's labor market data, which could reflect a stable unemployment rate at a 49-year low of 3.6%, unchanged from May, amid expectations that the Non-Farm Payrolls Job creation accelerated to 164,000 versus 75,000, and the median hourly earnings index accelerated to 0.3% versus 0.2%.

This comes after the disclosure last Wednesday of preliminary data for the US labor market, which showed the acceleration of job creation to 102 thousand according to the index of change in private sector jobs, compared to 41 thousand in May, below expectations at 140 thousand, Of the US is among the important reports that weigh heavily on the decisions and directions of monetary policy makers at the Fed.

Technical Analysis

The AUDUSD pair has tested and maintained its stability below 0.7044. The bearish scenario is valid and valid for the coming sessions as the price continues to move within the descending channel shown in the image, indicating that the price needs to break the 0.6975 level to facilitate the move toward our target The next main one resides at 0.6900.

The trading range for today is expected among the support at 0.6970 and the resistance at 0.7060.

The general trend for today is bearish.