AUD Analysis 18.10.2019

The Australian dollar fluctuated in a narrow, bullish range during the Asian session to witness the bounce for the eighth session in 13 sessions from the lowest since March 18, 2009 against the US dollar amid the lack of economic data by the Australian economy and on the eve of developments and economic data expected on Friday The US economy is the largest economy in the world which includes the speech of the members of the Federal Open Market Committee.

At 02:28 am GMT, the Australian dollar against the US dollar rose 0.18% to 0.6836 levels, compared with the opening levels at 0.6824, after the pair reached its highest since 18 September last at 0.6839, while the lowest level during the The trading session was at 0.6821.

Investors are currently awaiting the release of leading indicators, which may show a 0.1% growth versus the zero level in August. This comes in conjunction with Federal Open Market Committee (FOMC) Chairwoman and Federal Reserve Bank of Kansas City Chairman Esther George. Energy and economy hosted by the Kansas City Federal Reserve's Denver branch.

The Federal Open Market Committee (FOMC) and Federal Reserve Deputy Governor Richard Clarda talked about the economic expectations and monetary policy at the Chartered Income Management Conference on Financial Stability. Because these meetings are open to the press.

Technical Analysis

AUDUSD has breached the resistance of the descending channel and closed the daily candle above it, opening the way for a bullish correction wave with its first major target at 0.7015.

Therefore, a bullish bias is likely for the coming period supported by a move above SMA 50, noting that a break of 0.6820 and trading below it will reactivate the bearish main scenario again.

Expected trading range for today is between 0.6780 support and 0.6900 resistance.

Expected trend for today: Bullish.