AUD Analysis 06.11.2019

The Australian dollar fell in a narrow, bearish range during the Asian session to see its fifth session rebound against the dollar on the eve of economic developments and data expected on Wednesday by the US economy, including the speech of members of the Federal Open Market Committee.

In the morning the Australian dollar against the US dollar fell by 0.04% to 0.6889 levels compared to the opening at 0.6892, after the pair reached its lowest level during the session at 0.6883, while the pair achieved the highest at 0.6899.

Investors are looking forward to the outcome of the FOMC member and Chicago Federal Reserve Chairman Charles Evans at the Council on Foreign Relations in New York. In the second quarter.

Markets are also eyeing the US economy to reveal the preliminary reading of non-agricultural sector productivity, which may also show a slower pace of growth to 1.0% vs. 2.3% in the second quarter, up to FOMC member and New York Federal Reserve Chairman John Williams during his participation. In a moderate discussion about the future of the workforce at the Wall Street Journal event in New York.

Technical Analysis

AUDUSD continues to fluctuate around 0.6895, while the Stochastic begins attempts to get rid of negative momentum, waiting for a positive incentive enough to push the price to resume the expected bullish trend for the coming period, which targets 0.7015 as the first major stop, noting that breaking Stability below 0.6895 will push the pair down towards 0.6825 then 0.6755 as the main negative targets.

Expected trading range for today is between 0.6870 support and 0.6960 resistance.

Expected trend for today: Bullish.