AUD analysis 08.08.2019

The Australian dollar rose against the US dollar, ending the two-week losing streak. Despite the lack of economic data released by the Australian economy and on the threshold of developments and economic data expected on Thursday by the US economy, the largest economy in the world.

At 02:40 am GMT, AUDUSD rose 0.20% to 0.6772 levels from opening levels of 0.6754, after hitting a seven-month low of 0.6745, while hitting a session high of 0.6782.

On the other hand, investors are awaiting the US economy for the release of the jobless claims for the week that ended on August 3, which may reflect stability at 215K, little changed from the previous weekly reading, before we see the final reading of the wholesale inventory index. That could show growth stabilizing at 0.2%, little changed from the initial reading for June and 0.4% in May.

Technical Analysis

AUDUSD has been showing positive trading since yesterday, on its way to a possible retest of 0.6830, while the bearish main trend scenario remains intact based on the regularity of the trading within the descending channel shown, waiting to target 0.6625 as the next major stop.

Keep in mind that a break of 0.6830 will push the price for further gains and test 0.6965 areas before any fresh attempt to fall.

Expected trading range for today is between 0.6700 support and 0.6830 resistance

Expected trend for today: Bearish.