AUD Analysis 04.10.2019

The Australian dollar fluctuated in a narrow, bullish range during the Asian session to witness the rebound for the third consecutive session from the lowest since March 18, 2009 against the US dollar following the developments and economic data that followed from the Australian economy and on the eve of developments and economic data on Thursday By the largest US economy in the world which includes the speech of the Governor of the Federal Reserve and the speech of members of the Federal Open Market Committee.

At 02:55 am GMT, the Australian dollar against the US dollar rose 0.16% to 0.6753 levels, compared to the opening levels at 0.6742, after the pair achieved the highest during the session at 0.6759, while the lowest level at 0.6739.

The Australian economy followed the release of the housing market data with the Housing Industry Association's New Home Sales showing a 7.3% rise versus a 7.2% decline in July. Up 0.4% against steady July levels, below expectations for a 0.5% rise.

This came in conjunction with the Reserve Bank of Australia's semi-annual financial stability review report from which it presented the Reserve Bank of Australia's assessment of the conditions in the financial system and the potential risks of financial stability, before we witness the Reserve Bank of Australia's assistant governor on the economy Lucy Ellis at the event. Hosted by the Australian Industry Group in Geelong.

On the other hand, investors are awaiting the release of the labor market data for the US economy last month, which may reflect the stability of unemployment rates at 3.7%, little changed from August, while the reading of the change in jobs index for non-agricultural sectors may accelerate the pace Job creation to 145k versus 130k jobs. Average hourly earnings may show growth slowed to 0.3% vs. 0.4%.

This comes in conjunction with the release of the Trade Balance Index, which may reflect the widening of the deficit to $ 54.7 billion compared to $ 54.0 billion in July, and with the opening of the Federal Open Market Committee and Chairman of the Federal Reserve Bank of Boston, Eric Rosengren opening remarks of the annual conference hosted by the Bank Federal Reserve in Boston.

Federal Reserve Governor Jerome Powell gave the opening remarks at the Fed listening event hosted by the Federal Reserve Bank of Washington, before FOMC and Fed Governor Lyle Brainard moderated a panel discussion titled "Measuring Maximum Employment." In a changing labor market "and within the realities of a Fed event listens.

Markets are also looking forward to Federal Reserve Chairwoman and Kansas City Federal Reserve Chairman Esther George concluding remarks at the 61st annual meeting of the National Association of Business Economics in Denver, before another panelist and Fed deputy Randall Quarles oversaw a panel discussion on the importance of stability. Prices and lower inflation in today's economy "and that also within the realities of the event the Fed listens.

Technical Analysis

AUDUSD is fluctuating around 0.6700, while SMA 50 continues to press the price negatively to protect the trading within the descending channel that appears in the picture, waiting for the resumption of the bearish trend whose next target is at 0.6595, while stability below 0.6840 is an important condition for the continuation of the decline. Expected.

Expected trading range for today is between 0.6680 support and 0.6800 resistance.

Expected trend for today: Bearish.