AUD analysis 10.07.2019

The Australian dollar fluctuated in a narrow range, slipping during the Asian session to see its fifth straight session retreat since May 7 against the US dollar following the economic data that followed the Australian economy and on the brink of economic developments and data expected Wednesday by the economy The world's largest economy and the Fed's semi-annual testimony.

At 04:27 GMT, the AUDUSD fell 0.10% to 0.6921 compared to the opening levels of 0.6928, after hitting a 21 June low of 0.6919. The session is trading at 0.6931.

We have followed the Australian economy to unveil the WISPAC Consumer Confidence Index, which showed a contraction of the decline to 0.4.1% from 0.6% in June. On the other hand, investors are currently waiting for the US economy to release the final reading of the wholesale stocks index which May show a stable growth of 0.4%, unchanged from May's preliminary reading and 0.8% growth in April.

Coinciding with the launch of the first half of Federal Reserve Governor Jerome Powell's half-yearly monetary policy testimony before the House Financial Services Committee. This comes before we see the Federal Open Market Committee member and St. Louis Federal Reserve Chairman James Pollard at the forum meeting The official cash and financial institutions of St. Louis.

To reveal the minutes of the Federal Committee meeting held on June 18-19, during which Federal Reserve policy makers kept benchmark interest rates between 2.25% and 2.50% for the fourth meeting in a row, revealing their expectations at the time Federalism over growth rates, inflation and unemployment as well as future interest rates for the next three years.

Technical Analysis

The AUDUSD traded with a remarkable negative yesterday to near our first target of 0.6900, and we believe that the road is open for further downside in the coming sessions, noting that the above mentioned level will extend the downside wave to 0.6815 as a next stop.

Therefore, we will continue to bias the bearishness over the short and short term provided stability below 0.7044.

The trading range for today is expected among the support at 0.6840 and resistance at 0.6980.

The general trend for today is bearish.