AUD Analysis 11.10.2019

The Australian dollar rose during the Asian session to witness the bounce for the fifth session in eight sessions from the lowest since March 18, 2009 against the US dollar following the developments and economic data released by the Australian economy on Thursday and on the eve of developments and economic data expected on Friday before The US economy is the largest in the world

At 03:37 am GMT, the Australian dollar against the US dollar rose 0.31% to 0.6779 levels, compared to the opening levels at 0.6759, after the pair achieved the highest during the session at 0.6781, while the lowest level at 0.6752.

Investors are awaiting the US economy, which is expected to show a 0.5% decline versus a rise of 0.2% in August, while the annual reading of the same indicator may show a decline to 2.0% vs. 1.8%, before we see the release of the preliminary reading of the index. The University of Michigan consumer sentiment may reflect an expansion to 90.4 vs. 89.9 last September.

The Federal Open Market Committee (FOMC) and Boston Fed Chairman Eric Rosengren talked about monetary policy and interest rates at the US Economic Challenges in Madison, hours after Fed Governor Jerome Powell said the US economy was doing well. He faces some risks and the Fed's strategy and tools are still very effective.

Technical Analysis

AUDUSD is showing some bullish bias on its way to a possible test of the descending channel resistance which is now falling to 0.6830, and as long as the price is below this resistance, our bearish outlook will remain valid as a breach through this level will lead the price to initiate a bullish corrective wave over the long term. The next major target for the suggested downside wave is at 0.6595.

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

Expected trend for today: Bearish.