AUD analysis 07.08.2019

The Australian dollar fell during the Asian session to witness the lowest since January 3, when it tested the lowest since March 19, 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 today Monday by the largest US economy in the world.

At 02:40 AM GMT, the AUDUSD retreated 0.35% to 0.6724 levels from the opening levels of 0.6759, after hitting a seven-month low of 0.6676, while achieving the highest during the session at

0.6782

Investors are now awaiting the outcome of FOMC member and Chicago Fed Chairman Charles Evans at a media Iftar hosted by the Federal Reserve Bank of Chicago, before we also see the US economy release the consumer credit reading which may reflect a drop to 16.4. $ Billion versus $ 17.1 billion last May.

Technical Analysis

AUDUSD succeeded in touching our awaited target at 0.6700 and pressuring it on the way to continue the downside movement over the intraday and short term as the price continues to move inside the descending channel, with the next target at 0.6625.

From here, the bearishness will remain dominant unless 0.6830 is breached and stability above it.

Expected trading range for today is between 0.6625 support and 0.6750 resistance.

Expected trend for today: Bearish.