AUD analysis 30.07.2019

The Australian dollar fluctuated in a narrow bullish range during the Asian session to see its rebound to its second-lowest session since June 20 against the US dollar following the economic developments and data that followed it on the Australian economy and on the eve of developments and economic data expected Tuesday by the US economy The world's largest economy, including the launch of the July 30-31 meeting of the Federal Commission.

At 02:59 GMT, the Australian dollar was up 0.06% at 0.6909, compared with the opening levels of 0.6902, after reaching a high of 0.6908, while reaching a low of 0.6895.

We also followed the Australian economy's release of the housing market data with the construction permits reading showing a decline of 1.2% from 0.3% last May, worse than expectations for a slowdown of 0.2%, while the annual reading of the same index showed a widening decline To 25.6% compared to 19.2% in the previous annual reading for May, also worse than expectations, which indicated a widening decline to 24.3%.

On the other hand, investors are currently looking for the US economy to disclose spending and personal income data that may reflect a slowdown in personal spending growth to 0.3% from 0.4% in May, and personal income growth slowing to 0.3% from 0.5% in May, A reading of the Core Personal Consumption Expenditure Index may show growth slowing to 0.1% versus 0.2% in May.

This comes ahead of the release of the consumer confidence index, which may expand to 125.2 from 121.5 in June, coinciding with the release of housing market data with the release of existing home sales, which may indicate slowing growth to 0.3 From 1.1% in May, to the launch of the FOMC meeting today and Wednesday in Washington.

Technical Analysis

The AUDUSD did not show any strong movement yesterday, as it continues to fluctuate around the 0.6900 level, awaiting the resumption of the bearish trend within the descending channel appearing in the picture, where our next target is at 0.6832.

SMA 50 continues to support the suggested bearish wave, which requires stability to remain below 0.6975.

The trading range for today is among the key support at 0.6840 and resistance at 0.6950

The general trend for today is bearish.