AUDUSD Analysis 25.02.2019

The Australian dollar fluctuated in a tight range in the Asian session to see its rebound to its second low since Feb. 12 against the US dollar after Australian Reserve Bank of Australia Governor Philip Lowe's testimony before the Standing Committee of the Australian House of Representatives in Sydney. Economic outlook on Monday by the US economy, the world's largest economy, and the mid-term outlook for Federal Reserve Governor Jerome Powell to Congress.

At 02:58 GMT, the AUDUSD rose 0.11% to 0.7152, compared to the opening levels of 0.7133, after recording a high of 0.7160 and a low of 0.7129.

Australian Reserve Bank Governor Philippe Lowe said the Australian Reserve released two weeks ago its Australian economy forecast for growth of three percent in 2019 and before growth slows to 2 percent by the next year 2020. The economy may have widened Nearly three percent over the last year 2018, adding that those expectations are better than the previous forecast in August last.

The markets are looking to the US economy for the final reading of the wholesale stocks index, which may reflect a stable growth of 0.3%, unchanged from the previous December reading, before we see the participation of Deputy Governor of the Federal Reserve Richard Clarida In a panel discussion entitled "Federal Reserve: A Conversation with Community Leaders in South Dallas" in Texas.

This comes hours before Federal Reserve Governor Jerome Powell's semi-annual testimony on monetary policy before the Senate Banking Committee on Tuesday and before the House Financial Services Committee after Wednesday in Washington before Powell delivered a speech entitled "Economic Developments Marginal and long-term challenges "next Thursday in New York.

Technical analysis:

The AUDUSD lost ground against the US dollar at 0.7070 and rebounded to settle above the 0.7100 barrier now, where the SMA 50 is being tested regularly within a bullish intraday channel.

These factors encourage us to tilt the bullish trend during the coming sessions, targeting the 0.7250 level mainly considering that the continuation of the expected bullish wave depends on stability above 0.7080 and above 0.7044.

The trading range for today is expected among the support at 0.7080 and resistance at 0.7220

The general trend for today is bullish