AUDUSD Analysis 14.01.2019

The Australian dollar fell during the Asian session to see its rebound to its second highest session since December 13 against the US dollar following the economic developments and data followed Monday by the Australian economy and the lack of economic data by the US economy earlier this week.

At 03:41 GMT, the Australian dollar was down 0.42% to 0.7185, compared with the opening levels of 0.7215, after reaching a low of 0.7180, while recording a high of 0.7224.

On the Australian economy, the index of inflation index released by the Melbourne Institute (MI) for December showed a 0.4% expansion versus zero at last November, while the same annual reading showed growth accelerated to 1.9 From 1.6% in the previous annual reading for November.

Technical Analysis

The AUDUSD starts today with a slight bearish bias towards a possible test of 0.7145, and as long as the price is above this level, our bullish outlook remains intact, moving below the moving average 7 and above the moving average 20 which supports the price for the bigger support comes from SMA 50 which is approaching the support line 0.7145. The Stochastic is moving towards oversold areas in a reversal of the downside correction, with our next main target at 0.7367.

The trading range for today is among the key support at 0.7145 and resistance at 0.7280

Support and resistance:

Support: 0.7143-0.7044

Resistance: 0.7243-0.7367

The general trend for today is bullish