AUD Analysis 05.11.2019

The Australian dollar rose during the Asian session to witness the rebound to the sixteenth session in twenty-five sessions, its lowest since March 18, 2009 against the US dollar following the developments and economic data that followed the Australian economy and on the eve of developments and economic data expected on Tuesday by the economy American largest economy in the world

The morning the Australian dollar against the US dollar rose 0.26% to 0.6909 levels compared to the opening levels at 0.6882, after the pair reached its highest level during the trading session at 0.6909, while the pair achieved the lowest at 0.6875,

Investors in the US economy are awaiting the release of the Trade Balance, which may reflect a narrowing of the deficit to $ 52.9 billion from $ 54.9 billion in August, ahead of the US Markit Institute's final ISM reading for the US. Expansion stabilized at 51.0, little changed from the initial reading for October and versus 50.9 in September.

As for the ISM reading, which may show a widening of 53.5 vs. 52.6 in September, we should note that the service supply is important because the US service sector accounts for more than two-thirds of GDP. With the release of a statistical reading of jobs and turnover, which may reflect a rise to 7.06 million compared to 7.05 million in August.

Technical Analysis

AUDUSD continues to fluctuate around 0.6895, and as long as the price is above this level, our bullish outlook will remain intact for the next period, awaiting resumption of the bullish bias affected by the previously completed double bottom pattern, reminding that our main targets start at 0.7015.

Keep in mind that a break of 0.6895 is a negative factor that will press the price to test 0.6820 areas and may extend to 0.6755 before any new attempt to rise.

Expected trading range for today is between 0.6870 support and 0.6980 resistance

Expected trend for today: Bullish