AUDUSD Analysis 27.02.2019

The Australian dollar fluctuated against the US dollar during today's trading session after yesterday's rally, following a speech by Jerome Powell to the US Congress on Tuesday. With the second and final half of Federal Reserve Governor Jerome Powell's testimony before Congress.

The Australian dollar opened today's trading session with the US dollar at 0.7182 recording the highest price at 0.7197 and the lowest of 0.7174

The US economy is looking to release the trade balance, which could reflect a widening deficit to $ 75.3 billion from $ 71.6 billion in November, 0.4% versus 0.3% in November.

Before we see the release of housing market data, which may reflect a rise in existing home sales of 0.8% versus a 2.2% drop in December, in conjunction with a factory demand reading which could rise 1.5% from 0.6% in November, Coinciding with the merits of Federal Reserve Governor Jerome Powell's policy on monetary policy before the House Financial Services Committee.

Technical analysis:

The AUDUSD rebounded back after the 0.7152 support level and the price reached the target at the resistance zone of 0.7197 to move near this area.

The moving averages support this move as these averages move below the price in a bullish order giving the price stability to rise again and retest the aforementioned resistance level

Stochastic has reached the oversold area and rebounded and reflected this movement on the price, which came in conjunction with him to the resistance area and retreated from them as well.

The expected movement for the day between 0.7152 support and resistance is 0.7197