AUD analysis 19.08.2019

The Australian dollar fluctuated in a narrow range upward during the Asian session for the third consecutive session amid the lack of economic data earlier this week by the Australian economy and by the US economy, the largest economy in the world.

Investors awaited later this week as Federal Open Market Committee (FOMC) and Federal Reserve Vice Governor Randall Quarles talked about community development at the Utah Center for Settlement Stations in Salt Lake City on Tuesday. The Federal Open Market held in with the end of last July.

At the July 30-31 meeting in Washington, the Fed's monetary policy makers approved the first Fed cut in more than a decade by 25 basis points to between 2.00% and 2.25%. This was in line with expectations at the time, while saying that the reduction was to support the pace of growth and to combat the weakness of inflation in the shadows of trade protectionism.

By Thursday, the markets are looking forward to the Kansas City Federal Reserve's Jackson Hole Economic Policy Symposium, which will be attended by global central bankers and finance ministers as well as academics and financial market participants from around the world. Federal Reserve Jerome Powell under the title "Monetary Policy Challenges" during the seminar.

Technical Analysis

AUDUSD has not shown any strong movement in the past sessions, therefore, there is no change to the bearish trend scenario based on stability below 0.6830, organized within the descending channel shown, waiting for heading towards 0.6700 which is our next main target.

Expected trading range for today is between 0.6720 support and 0.6830 resistance.

Expected trend for today: Bearish.