AUD analysis 19.07.2019

The Australian dollar fluctuated in a tight range slipping towards the Asian session as it rebounded from its highest since April 24 against the US dollar amid a lack of economic data at the end of the week by the Australian economy and on the eve of economic developments and data expected on Friday by the economy American.

At 0239 GMT, the AUDUSD dropped 0.10% to 0.7068, compared with the opening levels of 0.7076, after recording a 0.7054 low, while a three-month high of 0.7082 .

Investors are now eyeing the US economy, the largest economy in the world, to reveal the preliminary reading of the University of Michigan consumer confidence index for July, which may reflect a contraction to 98.6 from 98.2 in June, as consumer expectations for inflation for the year One coming and five years ahead.

This comes ahead of the Federal Open Market Committee meeting at the annual meeting of the Central Bank Research Association in New York, including St. Louis Federal Reserve Chairman James Pollard on technology and the future of the monetary and financial system, and Federal Reserve Bank Chairman Eric Rosengren, who will participate in a panel discussion On the independence of central banks.

Technical Analysis

The AUDUSD shows further bullishness after confirming the breach of resistance of the descending channel appearing in the image, and moving within a bullish intraday channel that organizes the corrective correction wave, awaiting the test of 0.7140 as the next major station.

Therefore, we expect the bullish bias to continue in the coming sessions with steady price above 0.6985, noting that a breach of the target will push the price to 0.7205 as the next major station.

The trading range for today is expected among the support at 0.7020 and resistance at 0.7140

The general trend for today is bullish