AUD analysis 06.08.2019

The Australian dollar rose against the US dollar to end the two-week losing streak. Following the developments and economic data we have followed on the Australian economy and on the eve of developments and economic data expected Tuesday by the US economy, the largest economy in the world.

At 0240 GMT, the AUDUSD rose 0.47% to 0.6794, compared to the opening levels of 0.6753, after reaching its lowest in seven months at 0.6748, while reaching a high of 0.6794.

We followed the Australian economy with the RBA's decisions and directions with the release of the monetary policy statement and the monetary policy makers' decision on monetary policy. At the Reserve Bank of Australia's Reserve Bank of Australia meeting held on August 6, monetary policy makers approved the establishment of short- At 1.00% after a 25bp cut in the previous two meetings at all, which was expected by market analysts.

On the other hand, investors are currently waiting for Federal Open Market Committee (FOMC) Chairman and Federal Reserve Chairman Charles Evans to speak at a media briefing hosted by the Federal Reserve Bank of Chicago, before we also see the US economy reading a statistical reading of job opportunities and job rotation. May reflect a rise to 7.34 million versus 7.32 million in May.

This comes before we see another member of the Federal Committee, the head of St. Louis Federal Reserve James Pollard about the economy and monetary policy at a luncheon signed by the National Economists Club in Washington, a few hours after US President Donald Trump asked the Federal Reserve to act and address the China has weakened its yuan currency, which he described as a "major violation" in the midst of a trade war between countries.

Technical Analysis

The AUDUSD is showing some slight bullishness on its way to test the 0.6830 level, and the price remains under  the main descending channel shown in the picture, so that the overall bearish trend will prevail for the coming period, supported by SMA 50, pending targeting 0.6700 as a next stop, The importance of stability below 0.6830 for the continuation of the suggested bearish trend.

The trading range for today is expected among the support at 0.6700 and the resistance at 0.6830

The general trend for today is bearish.