AUDUSD Analysis 16.01.2019

The Australian dollar fluctuated in a tight range against the US dollar following the economic developments and data that followed it on the Australian economy and on the eve of developments and economic data expected Wednesday by the US economy, the largest economy in the world and coincided with the entry of partial closure of the federal government for the fourth week in a row .

At 02:58 GMT, the AUDUSD fell 0.01% to 0.7200 from the opening levels of 0.7201, after hitting a session low of 0.7189, while reaching a high of 0.7207.

On the Australian economy, the Westpac consumer confidence index for January showed a contraction of 99.6, down 4.7% from 104.4 in December.

On the other hand, investors are looking ahead to the reading of the import price index, which may reflect a decline of 1.0% against 0.5% in November before we witness the release of housing market data with the housing index reading by the National Association of Builders Which may reflect a widening to 61 versus 60 in December.

The markets are also looking forward later today to unveil the Beige report, which is important in being issued two weeks before the FOMC meeting, one of the pillars on which the Fed's monetary policymakers build their decisions and attitudes to support and stimulate the US economy. That the next meeting of the next Federal Commission will be held on 29-30 of January.

Technical Analysis

The AUDUSD continues to fluctuate around the 0.7200 level, so there is no change in the bullish scenario that depends on stability above 0.7145, supported by the positive cross that Stochastic is currently introducing, indicating that we are waiting to visit 0.7335 as a next stop.

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

Support and resistance:

Support: 0.7142-0.7044-0.6895

Resistance: 0.7243-0.7280-0.7367

The general trend for today is bullish