AUD Analysis 28.08.2019

The Australian dollar fluctuated in a narrow, bearish range during the Asian session against the US dollar following the developments and economic data that followed from the Australian economy and amid the lack of economic data on Wednesday by the US economy, the largest economy in the world.

At 02:29 AM GMT, the Australian dollar against the US dollar fell by 0.07% to 0.6747 levels compared to the opening levels at 0.6752, after the pair achieved the lowest during the trading session at 0.6742, while the highest level at 0.6762.

The Australian economy followed the release of the housing market data with the release of the construction index which showed a decline to 3.8% versus 2.2% in the first quarter, worse than expectations for a decline to 1.0%, less than a week ago. The Reserve Bank of Australia (RBA) meeting, which is expected to keep monetary policy makers at the RBA at 1.00% for the second consecutive meeting and a week before the release of second quarter growth data.

Technical Analysis

AUDUSD is now trading negatively to press support for the bearish triangle, reinforcing expectations that the bearish trend will continue over the coming sessions, whose targets start with a break of 0.6700 to open the way for 0.6615 as the next major stop.

SMA 50 supports the proposed bearish wave, which requires stability below 0.6830.

Expected trading range for today is between 0.6670 support and 0.6780 resistance.

Expected trend for today: Bearish.