AUD analysis 05.08.2019

The Australian dollar fell during the Asian session to its lowest level since January 3, when it tested its lowest since March 19, 2009 against the US dollar following the economic developments and data that followed on the Australian economy and on the eve of developments and economic data expected today Monday by the US economy, the world's largest economy.

At 0240 GMT, the AUDUSD fell 0.47% to 0.6769 from the opening levels of 0.6798, after reaching its lowest level in seven months at 0.6748, while the highest level was at 0.6805.

We followed the Australian economy to reveal the services index, which reflected a contraction at 43.9 versus a widening of 53.2 in June.

This came ahead of the Melbourne Institute's inflation gauge reading, which showed a 0.3% growth against stability at zero levels in June, while the annual reading showed the same index accelerated growth to 1.8% versus 1.6%

We followed the Australian economy to release the Australian Industrial Services Services Index, which reflected AIG's contraction at 43.9 versus an increase of 52.2 in June,

This comes hours before the Reserve Bank of Australia's decisions and directions were released with the release of the monetary policy statement and the decision of monetary policy makers to set interest rates amid expectations that they will be held for the first time in three meetings after being reduced by 25 basis points to 1.00% before we see With the end of the week the testimony of Governor of the Reserve Bank of Australia Philippe Lowy before the Standing Economic Committee of the House of Representatives in Canberra.

On the other hand, investors are currently waiting for the US economy to release the final index of the Institute of Supply of Service by Markit for the United States, which may reflect the stability of the widening at 52.2, unchanged from the preliminary reading for July and compared to 51.5 in June, before the disclosure From the Institute of Supply Service Index, which may show a breadth of 55.5 vs. 55.1 in June.

Technical Analysis

The AUDUSD is trading in a negative negativity to gradually move away from 0.6830, reinforcing expectations for a continuation of the main bearish trend targeting 0.6700 mainly, noting that a break of 0.6830 could push the price to test the 0.6965 zones before any new attempt to decline.

The trading range for today is expected among the support at 0.6700 and the resistance at 0.6830

The general trend for today is bearish.