AUDUSD Analysis 13-05-2019

The Australian dollar fluctuated in a tight range slipping towards the greenback during the Asian session against the US dollar following developments and economic data that followed Monday on the Australian economy and the lack of economic data earlier this week by the US economy, the largest economy in the world. 

 At 02:08 GMT, the AUDUSD dropped 0.24% to 0.6982, compared to the opening levels of 0.6999, after reaching a low of 0.6978, while the highest at 0.7006. The pair ended last week at 0.7002 before starting the week with a bearish price gap. 

 We followed the Australian economy to release housing data with the Home Loan Index reading showing a decline of 2.5% compared to a 1.4% rise in February, contrary to expectations that accelerated growth to 2.2%. 

 The markets are looking forward to what the Reserve Bank of Australia's Assistant Governor of the Reserve Bank of Australia, Jay DiBill, will discuss as part of his panel discussion on "The end of Libor and its impact on Australian financial markets" at the Australian Central Bank in Sydney. 

On the other hand, investors are looking forward to what Federal Reserve Vice President and Federal Open Market Committee member Richard Clarda will speak with opening remarks at the event hosted by the Federal Reserve Bank of Boston 

The narrow range continues to dominate AUDUSD, which remains steady below 0.7044, keeping the bearish scenario intact, supported by SMA 50, with our first target at 0.6905. 

The trading range for today is among the key support at 0.6920 and resistance at 0.7044   

The general trend for today is bearish